October 1, 2010
As we have advised in previous postings, in order for the surplus sharing distribution to proceed, regulatory approval is required. That approval consists of three parts:
1. approval for the proposed transfer of a portion of the assets of the Scotiabank Plan for Former Employees of National Trust Company (the National Trust Plan) into the Scotiabank Pension Plan;
2. approval of the National Trust Plan wind-up report; and
3. approval of the surplus withdrawal.
We are pleased to advise that on August 31, 2010 the first of these approvals was obtained: the Superintendent of Financial Services of Ontario (the “Superintendent”) approved the transfer of assets from the National Trust Plan to the Scotiabank Pension Plan. We are still awaiting regulatory approval from the Superintendent of the wind-up report and the surplus withdrawal application in this matter, and will advise sharing group members as soon as the results are known.
Virtually all members of the sharing group should now be in receipt of their surplus payment election package. If you have not yet received your package, please contact the call centre for former employees of National Trust, at 1-888-895-9933.