HBC Pensioners
On June 26, 2026, Ursel Phillips Fellows Hopkinson LLP (“UPFH”) was appointed as Pension Representative Counsel to represent the interests of certain individuals in relation to any rights and entitlements to the surplus in the HBC Pension Plan pursuant to an Order of the Ontario Superior Court of Justice.
As you may know, on October 20, 2025 the Financial Services Regulatory Authority (“FSRA”), which regulates registered pension plans, ordered that the Hudson’s Bay Company (“HBC”) Pension Plan be wound up effective September 1, 2025. A pension wind up requires the closure of the plan, meaning that all assets will be distributed and all benefits and liabilities will be fully settled. We anticipate that once the wind-up process is complete the HBC Pension Plan will have a “surplus” or excess of assets after covering promised pension benefits.
Who is Pension Representative Counsel and what do they do?
UPFH has been appointed by the Court as Pension Representative Counsel to represent the interests of former employees with entitlements under either or both of the defined benefit provision and defined contribution provision under the Pension Plan other than the Dumai Group (in respect to their defined benefit entitlements accrued under the Dumai Plan prior to January 1, 2002) in relation to any entitlement to the Pension Plan surplus.
The former employees represented by UPFH in respect of the Pension Surplus Proceedings will be referred to as the “Represented Pension Plan Members.” Former employees with entitlements that accrued under the defined benefit provision of the Dumai Pension Plan (prior to January 1, 2002) will be represented by Koskie Minsky LLP solely with respect to such defined benefit entitlements accrued under the Dumai Plan prior to January 1, 2002. You can visit Koskie Minsky’s website here to learn more.
For clarity, none of your pension payments are at risk. In fact, the Pension has a surplus of funds, which means that it has more money than required to pay all the promised retirement benefits to members. This means that there is potential for members to receive over and above the benefits that accrued through their participation in the Pension Plan. Entitlement to the surplus will be determined either through litigation in court, or through a settlement such as a surplus sharing agreement.
As Pension Representative Counsel, UPFH will:
1. Represent covered Pension Plan Members in any Pension Surplus Proceedings in Court regarding any claims or matters relating to the surplus;
2. Communicate with relevant parties and stakeholders in respect of the Court proceedings related to the surplus;
3. Participate in negotiation, mediation settlement or compromise in respect of entitlement or claims to the surplus, including entering into settlement agreements if a settlement is negotiated; and
4. Advise represented Pension Plan members of the Proceedings in respect of any rights in relation to the surplus.
For clarity, UPFH is appointed to assist only in respect to matters relating to the pension surplus. Any other issues arising will be handled by the Independent Pension Administrator, Telus Health Ltd.
The complete terms of our appointment are set out in the June 26, 2026, Representative Counsel Order of the Court which can be found here.
We will use this site to provide important information for Represented Pension Plan Members throughout these proceedings. If you are a Represented Pension Plan Member with additional questions about the proceeding, please email us at HBCPensioners@upfhlaw.ca or call us on our toll-free number at 1-888-532-2934.
What are the next steps?
The parties will first engage in informal mediation during a period of 60 days in an attempt to negotiate an agreement in respect of entitlement to the surplus. This period may be subject to extension.
The Court has also issued a Mediation Order, appointing Honourable Chief Justice Morawetz as a mediator. If the informal mediation between the parties is unsuccessful, a formal mediation date will be set with Justice Morawetz to assist the parties in reaching a resolution.
Opt-Out Information
The court issued the Representation Order on June 26, 2026. Under paragraph 9 of that Order, any individual affected by this appointment who does not wish to be represented by UPFH as Pension Representative Counsel must complete the Opt-Out Notice before July 29, 2026.
A Court appointed official called the Monitor will be overseeing and supervising this process to assist the Court. Alvarez & Marsal Canada Inc. was appointed as the monitor in the CCAA Proceedings. Their website is available here. Should you have questions for the Monitor, email HudsonsBay@alvarezandmarsal.com or call 1-416-847-5157.