CANADA - The five unions representing Air Canada workers are calling on the Office of the Superintendent of Financial Institutions (OSFI) to force ACE Aviation Holdings to fund Air Canada's pension plan before being permitted to wind-up the holding company.
The unions said Koskie Minsky, the law firm representing the unions, called on OFSI to take immediate steps to ensure Air Canada plan members and pensioners were adequately protected.
ACE is the parent company of Air Canada and was created in 2004 with the re-emergence of Air Canada from bankruptcy protection. It owns 75% of Air Canada shares.
Unions said they represented approximately 5,000 Air Canada workers across the country in customer service and sales.
They added Air Canada's third quarter financial statements show a loss of C$298m (US$244m) for the first nine months of 2008.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.