Re King Seagrave Ltd. and Canada Permanent Trust Co. et al.
Pension Surplus Dispute: Employer's Claim to Surplus Funds Dismissed
Summary
A dispute over the entitlement to surplus funds in a discontinued pension plan, where the employer sought a declaration that the surplus should revert to them. The court ruled that the surplus must be distributed to plan members under statutory and plan terms, rejecting the employer's claim.
Outcome
Employer’s claim dismissed as surplus governed by statutory provisions and plan terms
Key Factors
- Pension plans
- Surplus funds
- Pension Benefits Act
- Resulting trust
- Statutory interpretation
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