January 25, 2015
Canada Life’s application to the Superintendent of Financial Services for consent to the payment of surplus to an employer was filed with the Financial Services Commission of Ontario (“FSCO”) on or about January 9, 2015.
Notice of the application was sent to Koskie Minsky LLP on behalf of all members who retained class counsel in November, 2014. Any partial wind-up member who did not retain class counsel was sent the notice individually. In the Notice members are invited to direct any questions regarding the Notice to either Canada Life or class counsel.
There is no set period for consideration and approval of the surplus withdrawal application by FSCO. The parties are cautiously hopeful that regulatory approval will be obtained in the first half of 2015, followed by payment of surplus shares to class members in the second half of 2015 and the two-year contribution holiday for active members may commence in January 2016.