O'Brien Leasing Co. v. London Life Insurance Co.
Pension Surplus Reversion Dismissed
Summary
An employer applied for a refund of pension surplus after a plan wind-up, arguing that the plan and governing legislation allowed for surplus reversion. The court dismissed the application, finding that the statutory conditions under the Pension Benefits Act, 1987 were unmet and the contract language was insufficient to authorize surplus reversion to the employer.
Outcome
Application dismissed
Award
Solicitor-and-client costs awarded to both applicant and respondent from the $750,000 pension surplus
Key Factors
- pension surplus distribution
- surplus reversion
- Pension Benefits Act, 1987
- contract interpretation
- statutory conditions
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