Paul Litner

Paul Litner is a partner in Osler's Pensions and Benefits Group. His practice relates exclusively to pensions, benefits and compensation plans and their related investment arrangements. He advises both private and public sector clients on the legal and regulatory aspects of pension and employee benefits plans including: governance, fiduciary responsibilities, plan administration and compliance, pension fund investment, pension committees, plan wind up, surplus strategies, and the negotiation and drafting of plan and trust documents.

Paul deals extensively with pension and benefits issues arising in corporate mergers, acquisitions and reorganizations, and has advised on many large Canadian and international transactions. Paul regularly advises on pension litigation matters, and has appeared before and made submissions to federal and provincial regulators on various pension compliance and surplus matters. He has also assisted several clients in successfully implementing pension plan mergers and conversions.

Paul has been recognized as a leading lawyer in his field by numerous independent publications. In 2020 and 2021, he was named Pensions & Benefits Lawyer of the Year by Who’s Who Legal.


Representative Work

  • Suncor Energy Inc.

    Suncor Energy Inc. in its takeover of day-to-day operations at Syncrude oil sands mining joint venture

  • The Board of Trustees of the WSIB Pension Plan Fund

    The Board of Trustees of the WSIB Pension Plan Fund in the conversion of WSIB’s defined benefit, single employer pension plan to a jointly sponsored pension plan

  • Deutsche Bank AG

    Algoma Steel Inc. and certain senior secured term lenders in Canada in Algoma’s acquisition of substantially all the assets of Essar Steel Algoma in connection to a restructuring under the CCAA

  • Intercontinental Exchange Inc.

    Intercontinental Exchange Inc. in the acquisition of NGX and Shorcan Brokers from TMX Group.

  • TPG Capital LP

    TPG Capital LP in its proposed acquisition of Transplace Inc.

  • Investment Management Corporation of Ontario (IMCO)

    Investment Management Corporation of Ontario in its co-majority share acquisition with EagleTree Capital, in Corsair from Francisco Partners valued at US$525 million

  • Ontario Pension Board

    Ontario Pension Board in the outsourcing of its investment management operations to a $60 billion new investment management entity, the Investment Management Corporation of Ontario (IMCO)

  • KingSett Capital

    KingSett Capital-led consortium in its proposed take-over bid for Primaris REIT and acquisition of 17 Primaris properties as part of H&R REIT’s acquisition of Primaris

  • MoonPay in its acquisition of Nightshift
  • Angus Systems in its acquisition by MRI Software
  • Canadian counsel to JPMorgan Chase & Co. in the sale of its physical commodities business to Mercuria Energy Group Limited, a global energy and commodities trading company, for $3.5 billion
  • Aviva Canada Inc. on its successful surplus sharing agreements with members in four separate partial wind ups
  • Canwest Global Communications Inc. in its successful restructuring and sale of The National Post Company, Canwest Media Inc. and Canwest Limited Partnership
  • NOVA Chemicals Corporation’s acquisition by an Abu Dhabi based International Petroleum Investment Company
  • South Coast Partners Limited Partnership on pension and benefit matters related to its $165 million acquisition of Oceanex Inc.
  • Vivendi on its successful $60 million surplus sharing agreement with plan members
  • Several large Canadian employers in successfully transitioning from defined benefit pension plans to defined contribution pension plans
  • A leading actuarial consulting firm in an action for rectification of plan terms
  • A major insurance company in obtaining regulatory approval to pension plan mergers

Latest Insights

  • Webinar May 26, 2022

    Osler’s Annual Pensions & Benefits Seminar – Geo-Political Risk Management in a Changing World

    Join Osler’s Pension & Benefits Group for our annual discussion on hot topics and recent developments facing Canadian pension plan sponsors and...

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    Osler’s Annual Pensions & Benefits Seminar – Geo-Political Risk Management in a Changing World
  • Blog Jan 10, 2022

    The Ontario government enacts first ever whistleblower protection in the Canadian pension regulatory sector

    The Financial Services Regulatory Authority of Ontario has enacted amendments that introduce the first ever whistleblower protection in the Canadian...

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    The Ontario government enacts first ever whistleblower protection in the Canadian pension regulatory sector
  • Webinar Jun 10, 2021

    Osler’s Annual Pensions & Benefits Seminar – Panel discussion on ESG considerations

    Join Osler’s Pension & Benefits Group for our annual discussion on hot topics and recent developments facing Canadian pension plan sponsors and...

    Read more
    Osler’s Annual Pensions & Benefits Seminar – Panel discussion on ESG considerations
  • Blog Dec 17, 2020

    WSIB and OCEU complete first-ever SEPP to JSPP conversion in Canada

    With current market conditions and a low interest rate environment creating sustainability-related concerns for sponsors of defined benefit...

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    WSIB and OCEU complete first-ever SEPP to JSPP conversion in Canada
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Awards and Recognition

  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Pensions & Benefits (Band 1)
  • Chambers Global: The World’s Leading Lawyers for Business: Recognized in Pensions & Benefits (Band 1)
    • “…[Paul] is acclaimed for his experience in this area, with a strong focus on pension fund investment and the pensions aspects of large international corporate transactions.”
  • Lexpert Zenith Award: Recognized for Celebrating Mid-Career Excellence
  • The Canadian Legal Lexpert Directory: Recognized in Pensions & Employee Benefits – Employer
  • Best Lawyers in Canada: Recognized in Employee Benefits Law; “Lawyer of the Year”, Employee Benefits Law
  • Legal 500: Recognized as Leading Lawyer, Pensions & Benefits; Leading Lawyer, Labour & Employment and Pensions
  • Who’s Who Legal: Pensions & Benefits Lawyer of the Year (2020 & 2021); Thought Leaders – Global Elite: Recognized in Pensions & Benefits; Leading Practitioner in Labour, Employment and Benefit
  • Ontario Bar Association: Award of Excellence in Pensions & Benefits (2023)

Media Mentions

  • Osler News Aug 24, 2023

    178 Osler lawyers recognized in Best Lawyers in Canada 2024

    Osler is proud to announce that 178 of our lawyers have been recognized in the 2024 edition of Best Lawyers in Canada, with 13 named “Lawyer of the...

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  • Osler News Dec 6, 2022

    Nine Osler lawyers recognized as Who’s Who Legal Thought Leaders: Global Elite 2023

    Congratulations to nine of our lawyers for being recognized as 2023 Thought Leaders: Global Elite by Who’s Who Legal, in recognition of their...

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  • Osler News Dec 14, 2021

    Paul Litner named Pensions & Benefits Lawyer of the Year by Who’s Who Legal

    Osler is pleased to congratulate Paul Litner on being recognized as Pensions & Benefits Lawyer of the Year by Who's Who Legal for the second year...

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  • Osler News Aug 27, 2020

    Osler recognized in Best Lawyers in Canada 2021

    Osler is proud to announce we have been recognized by Best Lawyers in Canada 2021 with 154 lawyers ranked across multiple practice areas.

    Read more
View all

Speaking and Writing

Speaking Engagements

speaker 26/5/2022
Osler’s Annual Pensions & Benefits Seminar – Geo-Political Risk Management in a Changing World
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speaker 10/6/2021
Osler’s Annual Pensions & Benefits Seminar – Panel discussion on ESG considerations
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speaker 28/11/2019
2019 Pensions Conference
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speaker 30/1/2019
Osler’s Annual Pensions & Benefits Seminar – Modernizing Pensions in Canada
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speaker 05/6/2018
Opportunities and Obligations – The Road Forward – Osler’s Annual Pensions & Benefits Seminar
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Published Work

Paul was a Consulting Editor, providing commentary on case law developments, for Lancaster House’s Pension E-Bulletin from its inception in 2004 until 2010.  He has co-authored several submissions to government agencies on behalf of the ACPM and various other industry associations/task forces, including: the Ontario Expert Commission on Pension Reform; Canadian Association of Pension Supervisory Authorities; and the Joint Forum of Financial Market Regulators.

Paul also regularly writes for Benefits Canada on emerging legal issues. Including:

  • Sheer Prudence, A Recent Ontario Case Reminds Plan Sponsors of their Duty to Invest Pension Assets by Establishing an Effective Process for Selecting and Monitoring Investments, Benefits Canada, February 2010.
  • Seeing Change, Pension Reform has been a Long Time in Coming.  Will it be Worth the Wait?, Benefits Canada, June, 2010.
  • In Excess, The Latest Word from Canada’s Supreme Court on the Control and Use of Surplus in an Ongoing Pension Plan, Benefits Canada, December 2010.

Other publications include:

  • Plan Member Communications:  Legal Risks and Challenges, 2010 CPBI Ontario Regional Conference, Niagara-on-the-Lake, October 5, 2010 (with David Stamp).
  • Canadian Pension Reform, IPEBLA Journal, July, 2010.
  • Avoiding Liability for Pension Plan Investments, OBA 8th Annual Pension Benefits Hot Spots, May 10, 2010.
  • Canadian Pension Reform, IPEBLA Journal on Canadian Pension Reform, April 30, 2010 (with Stephanie Kaufman).
  • Legal Duties in Pension Investments, The School of Pension Investment Management, Mercer, April 26, 2010.
  • Is Meaningful Pension Reform at Hand, 2010 Pension Summit, Conference Board of Canada, April 13, 2010.


Credentials

Education

  • Queen’s University, LL.B.
  • University of Toronto, B.A.

Languages

  • English

Professional Affiliations

  • Association of Canadian Pension Management (ACPM)
  • International Pension & Employee Benefits Lawyers Association
  • International Foundation of Employee Benefit Plans
  • Canadian Bar Association (Ontario), Pension Section
  • Ontario Financial Services Tribunal, Member from 2002-2010