May 8, 2009
The next significant step in implementing the Surplus Sharing Agreement, namely, the wind-up of the Scotiabank Pension Plan for Former Employees of National Trust Company (the Plan), proceeded, effective April 30, 2009.
All sharing group members with entitlements in the Plan (i.e. Active Members, Deferred Members, or Pensioners) should have received, by mail, a notice of the Plan wind-up (this notice is contained in a document entitled Notice of Proposal to Wind up the Plan Effective April 30, 2009 (the Notice)). As there is no legal requirement to do so, the Plan administrator has not sent the notice to members who no longer have an entitlement to benefits under the Plan (i.e. Cash-outs).