When pension regulators appoint an administrator to wind up the pension plan when a company goes bankrupt or becomes insolvent, they often turn to Morneau Shepell. We are the largest regulator-appointed pension administrator in Canada.
We have received appointments from the Financial Services Commission of Ontario (FSCO) and the Federal Office of the Superintendent of Financial Institutions (OSFI) since the 1990s. More recently, we have been appointed in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, and Quebec.
Our multi-disciplinary team includes pension consultants, actuaries, lawyers, investment consultants, and plan administrators located in our Toronto, Montreal, Vancouver, and Halifax offices. We apply the expertise of our entire organization in developing innovative solutions.
- administer the most complicated pension plans of insolvent employers, many of which are multi-jurisdictional;
- leverage our technical and regulatory knowledge and expertise, along with our proven methodologies and systems, to efficiently and effectively wind up the pension plans of insolvent plan sponsors;
- utilize all legal mechanisms (including arbitration, mediation, and litigation) in order to advance the interests of plan beneficiaries against the competing interests of other creditors, maximizing the potential recovery of additional funds by the insolvent pension plans;
- negotiate the sharing of surplus; and
- handle challenging administrative issues and communicating with plan beneficiaries.
International Pension Regulatory Services
Morneau Shepell’s International Pension Regulatory Services works with regulators in the Caribbean, Central America, and North and South America on the supervision and regulation of public sector pension funds, life insurance, and social security plans.
To learn more about what is involved in winding up a pension plan read T. Modi & H. Dunlop, “Chapter 13: Winding up a Pension Plan”, of the Morneau Shepell Handbook of Canadian Pension and Benefit Plans (16th Edition; November 2016), the Morneau Shepell Summary of Pension Legislation in Canada, 7th Edition or contact us to discuss your needs.
Contact us to request a copy of the following presentations or papers:
- A. Kiel & A. Zur, The Role of the Regulator in dealing with Bankrupt or Insolvent Companies, Caribbean Association of Pension Supervisors 3rd Annual Conference, Grenada, May 23, 2013 (PowerPoint)
- T. Modi & A. Bacchas, Best Practices: Governance, Caribbean Association of Pension Supervisors 3rd Annual Conference, Grenada, May 23, 2013 (PowerPoint)
- B. Whiston & A. Zur, Private Sector DB Decisions in Canada: Freeze? Wind Up? Or is the Situation Really Bad, 13th International Conference of the International Pension & Employee Benefits Lawyers Association, Berlin, May 2011 (Paper)
- B. Whiston, Implications of Indalex, presentation to Deloitte, December 13, 2011 (PowerPoint)
- T. Modi & A. Zur, Your Plan is Underfunded, Now What? An Update on the Options Available to Underfunded Pension Plans, April 22, 2009 (Paper)