CANADA - Members of the Kerry (Canada) Inc pension scheme have secured an appeal against last year's ruling which favoured the employer's running of the retirement scheme.
The case has already passed through hearings at the Financial Services Tribunal of Ontario and Divisional Court of Appeal.
Pension fund members took issue with the employer's management of the scheme's assets and the notice period they were given that the scheme was converting to from a defined benefit (DB) to a defined contribution (DC) scheme.
In June 2007, Global Pensions reported the appeal trial had seen the original outcome of the case overturned in favour of the employer. This was described as a 'helpful decision' by some within the sector.
Steve Bonnar, principal at Towers Perrin, said at the time: "If the OCA decision is not appealed or overturned on appeal, it will be a very positive development for employers who sponsor pension plans with DB and DC provisions or who may be considering a DB-DC conversion."
Watson Wyatt highlighted the decisions which would have a major impact on Canadian pensions. These included rulings allowing sponsor companies to use DB surpluses in DC payments, the payment of administrative expenses from the pension fund and the standard of communications.
Watson Wyatt said it also believed the outcome of the decision would be significant for Canadian plan sponsors.
This latest decision is expected six months after the hearing at the SCC.
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