This Alert discusses a case that has significant implications for pension plan mergers, the use of surplus, sales of businesses involving pension plans and corporate financial statements. In Aegon Canada Inc. v. ING Canada Inc., a decision of the Ontario Superior Court dated January 28, 2003, the court held that ING, as vendor under a share purchase agreement, was liable for a number of breaches of representations and warranties relating to pension matters and financial statements. The court also held that contribution holidays taken by the plan sponsor were impermissible and that certain plan assets could only be used for specified purposes.

type Pension Alert - Implications for Aegon Canada Inc. v. ING Canada Inc.