Sun Life Financial Inc. – Benefits Canada.com

Sun Life selling U.K. pension and annuities business

lbailey — Fri, 05 Aug 2022 13:00:03 +0000

Sun Life Financial Inc. is selling its U.K. pension and annuities business. The company has entered an agreement to sell SLF of Canada U.K. Ltd. to U.K.-based long-term savings and retirement business Phoenix Group Holdings for a closing price of $385 million. Sun Life will retain its economic interest in Sun Life U.K.’s payout annuities […]

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Top 5 HR, benefits and pension stories of the week

bwolfe — Fri, 10 Jun 2022 13:00:32 +0000

An article on how pension plans are approaching risk management was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Expert panel: Is risk management the new frontier in pension governance? 2. Sun Life completes acquisition of U.S. dental benefits provider 3. 44% of employers believe remote […]

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Pension annuity transactions in Canada totalled $4.45BN in 2020: report

lbailey — Wed, 21 Jul 2021 19:00:26 +0000

Despite market upheaval as a result of the coronavirus pandemic, the Canadian pension risk transfer market had its third-best year for group annuity transactions, according to Eckler Ltd.’s latest report. By the end of 2020, pension risk transfer market transactions totalled $4.45 billion, only slightly behind 2018’s $4.5 billion but below 2019’s $5.2 billion, noted the report. […]

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Looking under the hood of jumbo transactions

mdunne — Tue, 11 May 2021 13:53:25 +0000

The recent announcement that General Motors of Canada Co. purchased $1.8 billion of annuities for its salaried pension plan is creating a lot of excitement. GM Canada joins a growing list of plan sponsors who’ve purchased sizeable annuities in the last few years: Stelco Inc. ($885 million), Alcoa Corp. ($750 million), Rio Tinto Group ($560 […]

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GM Canada transferring $1.8BN in pension liabilities via group annuity buyout

bwolfe — Thu, 08 Apr 2021 13:00:03 +0000

General Motors of Canada Co. is transferring the longevity risk for $1.8 billion in pension plan liabilities through a group annuity buyout. Jennifer Wright, director of communications at GM Canada, said in a statement that the automaker has been taking steps to reduce risk and strengthen its retirement plans with a view to protecting the […]

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Corby, Hiram Walker entering $176-million group annuity buy-in

mschmit — Mon, 07 Dec 2020 12:20:48 +0000

Corby Spirit and Wine Ltd. and Hiram Walker & Sons Ltd. are de-risking with a $176-million group annuity buy-in amidst volatile markets caused by the coronavirus pandemic. The deal covers 750 retirees and beneficiaries and there will be no change for plan members, who will continue to be paid from the plan as before the […]

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