Ontario Hydro transfers US$12.5 billion of pension fund

Fasken Martineau advised the Ontario Electricity Financial Corporation (formerly Ontario Hydro) in relation to the division and transfer of the $12.5-billion Ontario Hydro pension fund. The transfer was largely completed on June 29, 2001. The pension fund was divided and transferred to the four successor operating entities to Ontario Hydro on the basis of their proportionate shares of assets and liabilities. The assets included approximately $2-billion of private equity, real estate and mortgage holdings. Fasken Martineau also advised OEFC and its operating subsidiary, Ontario Electricity Pension Services Corporation, regarding the administration and investment of the pension plan and fund during the two years that the terms of the asset transfers were negotiated and completed. Peggy McCallum of Fasken Martineau's Toronto office worked with David Vincent and Louise Greig (pensions), Elizabeth Johnson and Patrick McCay (tax), Eric Belli-Bivar and Jean-Pierre Laporte (corporate), Steven Follett (real estate), Ralph Nero (employment), Mark Fecenko (technology) and Ron Walker and Kelley McKinnon (litigation).