S. v. Hudson's Bay Company
Pension Surplus Ownership on Plan Termination
Summary
This is an appeal to the Court of Appeal from a trial judge's decision in a class action about surplus pension funds. The plaintiffs were retirees and members of a defined benefit pension plan. The trial judge found that the pension plan's surplus belonged to the plan members, not the employer (Hudson's Bay Company), because the plan assets were impressed with an exclusive benefit trust. The Court of Appeal dismissed the employer's cross-appeal, affirming the trial judge's conclusion that the employer is not a beneficiary of the trust and has no right to the surplus funds on plan termination.
Outcome
appeal dismissed
Key Factors
- exclusive benefit trust
- surplus pension funds
- plan termination
- trust law principles
- contractual interpretation
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This summary was written by AI from the published decision and its headnote. It is not an official version of the decision; read the full text on CanLII before relying on it. This is legal information, not legal advice. Ontario Severance is an educational tool. If you are facing a serious employment law matter, consult with a qualified employment lawyer in Ontario.