Does a right to a contribution holiday constitute an interest in the pension trust?

With respect, I cannot agree. Schmidt v. Air Products made it clear that a right to a contribution holiday is not analogous to an interest in the trust. Cory J. stated: As noted earlier, the trust property usually consists of all the monies contributed to the pension fund. To permit a contribution holiday does not reduce the corpus of the fund nor does it amount to applying the monies contained in it to something other than the exclusive benefit of the employees. The entitlement of the trust beneficiaries is not affected by a contribution holiday. That entitlement is to receive the defined benefits provided in the pension plan from the trust and, depending upon the terms of the trust to receive a share of any surplus remaining upon termination of the plan. [at 654; emphasis added.] Consistent with this reasoning, neither the employer nor the employees acquire an "interest" in an actuarial surplus while a pension plan is ongoing. Cory J. continued: While a plan which takes the form of a trust is in operation, the surplus is an actuarial surplus. Neither the employer nor the employees have a specific interest in this amount, since it only exists on paper, although the employee beneficiaries have an equitable interest in the total assets of the fund while it is in existence. When the plan is terminated, the actuarial surplus becomes an actual surplus and vests in the employee beneficiaries. The distinction between actual and actuarial surplus means that there is no inconsistency between the entitlement of the employer to contribution holidays and the disentitlement of the employer to recovery of the surplus on termination. The former relies on actuarial surplus, the latter on actual surplus. [at 654-55; emphasis added.]