Disclaimer
This is a reproduction of a Consent as issued and is provided for reference purposes only. In the event of an inconsistency, the Consent as issued takes precedence over this reproduction.

 

 
Superintendent of
Financial
Services
 
Ontario Coat of Arms
 
Surintendant des
services
financiers
 

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8 (PBA);

AND IN THE MATTER OF a Proposal by the Superintendent of Financial Services to make an Order under section 78(1) of the PBA consenting to a payment out of Retirement Plan for Former Sony DADC Canada Employees (the Plan), Registration Number 0236968.

 

TO:

Sony Music Entertainment Canada Inc.
550 Madison Avenue
27th Floor
New York  NY  10022
USA

Attention:
Peter J. Kim
Vice President, Legal Department

Applicant and Employer



CONSENT

On or about June 29, 2015 the Superintendent of Financial Services caused to be served on Sony Music Entertainment Canada Inc. a Notice of Proposal dated June 26, 2015 to consent, pursuant to section 78(1) of the PBA, to payment out of the Retirement Plan for Former Sony DADC Canada Employees, Registration No. 0236968, to Sony Music Entertainment Canada Inc. in the amount of $2,550,000 as at March 31, 2014 plus adjustments to the actual date of payment.

No Notice requiring a hearing was delivered to the Financial Services Tribunal by the Applicant or any other party within the time prescribed by section 89(6) of the PBA.

THE SUPERINTENDENT OF FINANCIAL SERVICES THEREFORE CONSENTS to the payment out of the Retirement Plan for Former Sony DADC Canada Employees, Registration Number 0236968, to Sony Music Entertainment Canada Inc. in the amount of $2,550,000 as at March 31, 2014 plus adjustments to the actual date of payment.

THIS CONSENT IS EFFECTIVE ONLY AFTER the Applicant satisfies me that all benefits pursuant to the surplus distribution agreement set out below have been paid or otherwise provided for.

The application discloses that by written agreement among:

  1. the Employer; and


  2. 73% of the members;


the surplus in the Plan at the date of payment, after deduction of expenses, is to be distributed:
  1. 50% to the Employer; and


  2. 50% to the beneficiaries of the Plan as defined in the agreement.


DATED at Toronto, Ontario, this 19th day of August, 2015.

Original Signed By

Gino Marandola
Director, Pension Plans Branch (Interim)
by Delegated Authority from the Superintendent of Financial Services


© Queen's Printer for Ontario, 2015