Bank CEO negotiated away all pension entitlements

No right to share in winding up of pension fund
|Canadian Employment Law Today

The British Columbia Court of Appeal has held that the former president of a bank gave up any right to participate in the staff pension plan. The bank paid him $975,000 severance, and that is all he is going to see.

Edgar Kaiser Jr. headed the bank in the mid-1980s when it was in bad financial condition. A buyout by the Hongkong Bank of Canada saved it, but Kaiser resigned.

The bank paid Kaiser the $975,000 “in full settlement of salary for the unexpired term of his employment agreement and all other payments or benefits due or accruing due under any agreement or any arrangement with the bank.”