Regulation - LGIC
AbitibiBowater Pension Plans
Regulation Number(s):
O. Reg 71/12
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
Approved
Further Information:
Pension Benefits Act
Proposal Number:
12-MOF010
Posting Date:
Summary of Proposal:
French translation of an English regulation. Helping AbitibiBowater restructure and return to financial viability protects pensioners, jobs and communities in Ontario and across Canada. The Ontario government therefore has agreed to join the Quebec government in providing restructuring support to the company. The pension funding relief being provided to the AbitibiBowater plans in Ontario is consistent with the funding relief measures agreed to by Quebec.
This pension restructuring was critical to the company's broader restructuring and allowed AbitibiBowater to emerge from bankruptcy protection in December 2010 as a stronger company. The funding relief provides AbitibiBowater with a 10-year transition period to return to the full funding requirements that apply under the PBA.
Amendment also corrects legal name of Abitibi Bowater Pension Plans.
This pension restructuring was critical to the company's broader restructuring and allowed AbitibiBowater to emerge from bankruptcy protection in December 2010 as a stronger company. The funding relief provides AbitibiBowater with a 10-year transition period to return to the full funding requirements that apply under the PBA.
Amendment also corrects legal name of Abitibi Bowater Pension Plans.
Contact Address:
Pension Benefits Standards Policy
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent
Toronto ON M7A 1Y7
Effective Date:
May 4, 2012
Decision:
Approved