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.
What’s New
Committee for Represented Pension Plan Members
The terms of the Court Order appointing Ursel Phillips Fellows Hopkinson LLP as Pension Representative Counsel provides for the appointment of up to seven individuals to act as a Committee for the Represented Pension Plan Members.
We are inviting Represented Pension Plan Members to complete the HBC Pension Committee Member Questionnaire to express their interest in participating in this committee no later than Monday, August 17, 2026. We will review all Questionnaires, and we will advise all applicants of our selection.
The work of the Pension Committee is important and vital to the interests of the Represented Pension Plan Members. It requires certain commitments by the Pension Committee members and an understanding about the nature of the work.
The Pension Committee will advise and instruct the Pension Representative Counsel and shall represent all Represented Pension Plan Members in these CCAA proceedings. All Represented Pension Plan Members shall be bound by the actions of the Committee and the Pension Representative Counsel in these proceedings, unless they have opted-out using the Court ordered opt-out process set out in the Independent Pension Administrator’s letter to Represented Pension Plan Members and also described on our website at https://upfhlaw.ca/hbc-pensioners/
The work of the Pension Committee will involve participation in regular (at least weekly) teleconference meetings, reviewing reports and other materials relating to the CCAA proceedings, and providing direction to Pension Representative Counsel.
Some of the key roles of the Pension Committee members are to:
- liaise with (to the extent reasonably possible), speak for and act in the best interest of all Represented Pension Plan Members, particularly in one’s own geographic region and pension plan group;
- receive advice from and give instruction to legal counsel regarding Represented Pension Plan Members’ interests;
- maintain the confidentiality of confidential and privileged information received as a member of the Pension Committee.
If you are interested and willing to serves as a Pension Committee member, please complete the HBC Pension Committee Member Questionnaire by August 17, 2026. We will review all Questionnaires, and we will advise all applicants of our selection.