The Canadian Press Enterprises Inc. ("CPE") has made an election to the Office of the Superintendent of Financial Institutions to invoke the Distressed Pension Plan Workout Scheme (“DPPWS”) provisions of the federal Pension Benefits Standards Act, 1985 ("PBSA").
As part of the DPPWS process, Ursel Phillips Fellows Hopkinson LLP has been appointed by the Federal Court as the Representative for all Beneficiaries of the Pension Plan of the Canadian Press Enterprises Inc. (the “Excluded Plan”) and The Canadian Press Enterprises Inc. Pension Plan for Employees Represented by the Canadian Media Guild (the “Guild Plan”) (collectively, the “Pension Plans”). In our role as Representative, our legal mandate is to represent beneficiaries and their legal interests in connection with the Pension Plans during the DPPWS process.
This webpage is for beneficiaries of the Pension Plans to receive information about the DPPWS process.
If you have questions about the DWPPS process or our representational mandate, please email us at firstname.lastname@example.org.
Overview of the DPPWS Process
The DWPPS scheme provides for a negotiation process to restructure future pension funding obligations of a federally regulated employer. CPE has advised that it is unable to continue to remit current payments required to fund the solvency deficit in each of its pension plans without seriously impairing the ability of the company to continue operations.
CPE is not insolvent, bankrupt or undergoing any kind of company-wide restructuring. For approximately the past decade or more, CPE has benefitted from a special regulation under the PBSA which has provided similar relief with respect to payments that would otherwise have needed to be made to the pension plans.
In accordance with the PBSA, CPE is seeking to commence negotiations with various groups of stakeholders with interests in CPE's pension plans, including the Canadian Media Guild and its members, retired members of the pension plans, and non-unionized active employees. The purpose of this process is to reach an agreement on a revised solvency payment schedule. Any agreement resulting from the DPPWS negotiation process must be presented to plan members and beneficiaries for consideration and is subject to an approval process.