Saskatchewan Wheat Pool will go to court to clarify a direction of compliance issued by the Office of the Superintendent of Financial Institutions(OSFI)regarding one of its pension plans.
OSFI issued a directive to the Pool to make special and normal cost payments to the Saskatchewan Wheat Pool/Grain Services Union(SWP/GSU)Pension Plan, which the company says would be in addition to its negotiated contribution rate. The plan is registered under the federal Pension benefits Standards Act(PBSA).
Saskatchewan Wheat Pool has no plans to make payments pending the outcome of the court process.
“To resolve this matter, the Pool needs a clear determination,” says Randy Bauslaugh, partner of Blake, Cassels & Graydon LLP and the firm’s external legal counsel. “While the Pool respects OSFI’s view as the federal pension regulator, there exists a legitimate point of disagreement between OSFI and the company about the correct interpretation of the PBSA in this particular fact situation.”
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