IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8 (the “Act”), in particular section 25.1;

AND IN THE MATTER OF the Canada Forgings Inc. Pension Plan for Salaried Employees, Registration Number 0929687 (“Salaried Plan”).

AND IN THE MATTER OF the Canada Forgings Inc. Pension Plan for Members of Unifor Local 199, Registration Number 0236240 (“Hourly Plan”).

ORDER

TO:                
Canada Forgings Inc.
P.O. Box 308, 130 Hagar Street
Welland, ON L3B 5P8

Attention: 
J. Scott Naar
President and Chief Executive Officer
Employer & Administrator

WHEREAS pursuant to subsection 25.1(1) of the Act, the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”) may, in writing, order an administrator of a pension plan to provide members, former members, retired members and other persons entitled to benefits under the pension plan with the information that the Chief Executive Officer specifies in the order;

AND WHEREAS pursuant to subsection 25.1(2) of the Act, the order of the Chief Executive Officer may specify the manner in which the information is to be provided and the timeline for doing so;

AND WHEREAS Canada Forgings Inc. is the administrator of the Salaried Plan and the Hourly Plan;

ORDER

NOW THEREFORE, by delegated authority from the Chief Executive Officer, the Director, Pension Plan Operations orders Canada Forgings Inc. as the administrator of the Salaried Plan and the Hourly Plan to:

1. Provide a copy of the Notice attached hereto and a copy of the Notice of Intended Decision (“NOID”) issued on April 11, 2023 to all members, former members, retired members and other persons entitled to benefits under the Plan; and


2. Deliver or send the Notice and a copy of the NOID by email and regular mail within 3 business days of receiving this Order.

DATED at Toronto, Ontario, April 11, 2023.

Original signed by

Claire Woodcock
Director, Pension Plan Operations
Financial Services Regulatory Authority of Ontario

By delegated authority from the Chief Executive Officer

NOTICE

TO: Members, former members, retired members and other persons entitled to benefits under Canada Forgings Inc. Pension Plan for Salaried Employees, Registration Number 0929687 (“Salaried Plan”).

AND TO: Members, former members, retired members and other persons entitled to benefits under Canada Forgings Inc. Pension Plan for Members of Unifor Local 199, Registration Number 0236240 (“Hourly Plan”).

Canada Forgings Inc. (“Canada Forgings”) is the sponsoring employer and the legal administrator of the Salaried Plan and the Hourly Plan.

Canada Forgings has failed to remit employer contributions to the Salaried Plan for the period from May 2022 to date.

For the Salaried Plan and the Hourly Plan, Canada Forgings has deducted employee pension contributions from members’ salary but has not remitted these contributions to the respective Plans for the period from May 2022 to date.

A similar failure occurred previously. On December 27, 2019, the Financial Services Regulatory Authority of Ontario (“FSRA”) issued a Notice of Intended Decision (“NOID”) to Canada Forgings intending to order Canada Forgings to remit approximately $424,000 in outstanding contributions to the Salaried Plan. Canada Forgings and FSRA settled that matter without a hearing and Canada Forgings remitted the outstanding contributions.

FSRA has issued a NOID with respect to the current failure to remit contributions. Attached to this Notice is a copy of the current NOID.

If you have any questions or concerns about this Notice or the NOID, please contact Nain Sandhu by email at Nain.Sandhu@fsrao.ca

Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.