Focus 2023: achieving success on your de-risking journey
Achieving success on your de-risking journey
Watch the webinar recording below from the live event on April 5, 2023.
The event focused on helping defined benefit (DB) plan sponsors achieve success on their de-risking journey.
Two DB plan sponsors, West Fraser and Montreal Port Authority (with consultant Normandin Beaudry) shared their de-risking journeys including:
- Evaluating group annuities as a solution for their DB pension challenges
- Their experience coming to market to transact multiple times
- The benefits and challenges of transacting inflation-linked annuities
Our partners from SLC Management shared new liability driven investing (LDI) strategies and use case studies to show how plan sponsors are using them effectively.
What plan sponsors need to know
Brent Simmons, SVP & Head of DB Solutions, shares his top five takeaways from the Focus 2023 webinar event.
Event host Brent Simmons, FSA, FCIA
Brent Simmons welcomes you to the session and reviews highlights from the 2022 Canadian group annuity market. He provides insights of key trends and what plan sponsors need to know about their de-risking options.
West Fraser
Annuitizing DB plans since 2017
With several DB pension plans and complex governance, West Fraser had a desire to focus more on their core business. Annuities were identified as the right solution for their well-funded plans. Since 2017, West Fraser has annuitized over $800M worth of pension liabilities through five transactions. This fireside chat will touch on how West Fraser successfully annuitized different plans, and what best practices plan sponsors should consider for their transactions.
Elaine Jensen
Elaine Jensen is the General Manager, Human Resources for West Fraser, a Vancouver based forest products company with approximately 11,000 employees world-wide operating in Canada, the US and Europe. Elaine leads a variety of Canadian HR functions which include managing the companies pension plans. In her current role she has helped develop and lead the de-risking strategy for West Frasers defined benefit pension plans. Elaine has been with West Fraser for 35 years and chairs their Canadian pension committee as well as being on the Board of Directors for the Pulp and Paper Industry Pension Plan.
Dhvani Desai
Dhvani works with consultants and plan sponsors to help reduce pension risk with customized solutions using a mix of traditional risk management products, innovative insurance offerings and liability driven investment solutions. Prior to joining Sun Life in 2019, Dhvani worked at a leading global consulting firm in the U.K. for seven years. Dhvani developed a broad range of experience as a retirement consultant and an investment consultant where she worked on all aspects related to the funding, accounting and hedging strategy for pension plans.
SLC Management
The new LDI - flexible, diversified, and innovative
Plan sponsors on a journey to a future annuity purchase are often trying to solve two problems - keeping their funded status stable and targeting enhanced returns, within their risk budget.
The answers can lie in liability-driven investing (LDI). LDI is investing with your plan’s liabilities in mind. It’s more than just adjusting public bond investments. The new LDI gives investors choice and flexibility to manage risk and target enhanced returns, with a wider range of investment options. With funded statuses near decade highs, and bond yields approaching levels expected of return-seeking assets, many sponsors are reconsidering LDI.
Join Heather Wolfe from SLC Management as she shares two case studies showing how plans are effectively using new LDI strategies.
Heather Wolfe
Heather and her team work with institutional investors and consultants across Canada. They deliver compelling solutions to manage risk and target enhanced returns, based on traditional and alternative yield strategies. Heather joined Sun Life in 2011 to help grow the pension risk management business, where she led business development, client relationships and marketing. She was responsible for creating and selling customized de-risking solutions for Canadian institutional investors, including annuities, longevity insurance and liability driven investing strategies. Heather’s portfolio of work also includes senior roles at TD Bank and Mercer. She is a qualified actuary in Canada, the U.K., and the U.S.
Montreal Port Authority
De-risking inflation-linked liabilities
Inflation risk posed unique challenges for the pension plan of this autonomous federal agency. Montreal Port Authority (MPA) worked with their consultant, Normandin Beaudry, to assess market solutions and competitiveness for 100% Consumer Price Index (CPI) inflation-linked annuities. This session will explore insights in transacting inflation-linked annuities as part of the MPA risk management process.
Nadia Ivanova
She joined Montreal Port Authority (MPA) as Head of Treasury & Investments in February 2021 and was promoted to Director, Analysis, Planning and Treasurer in March 2022.
Her responsibilities include financial analysis, planning and treasury management, including the long-term financial modeling and business planning, financing strategies, grants governance, DB pension plan management, project analysis, as well as performance indicators.
Prior to joining the MPA, Ms. Ivanova accumulated over twenty years of finance and treasury experience in various industries, including engineering and construction at SNC-Lavalin, and manufacturing (aircrafts / trains, printing / media) at Bombardier and Transcontinental. Ms. Ivanova also has experience in the field of financial institutions with BNP Paribas and CDPQ.
Nadia Ivanova holds an MBA from HEC Montréal and CTP (Certified Treasury Professional) title since 2008. Ms. Ivanova also holds master's degree in Finance and in Management information systems.
Isabelle Clément
Isabelle has almost 30 years of consulting experience in retirement plans and is also a governance specialist. Isabelle specializes in federally-regulated pension plans and leads consulting work for several federal pension plans in the air transportation and maritime sectors. Isabelle has worked with the Montreal Port Authority since 2014 and has participated in the implementation and monitoring of concerted strategies to achieve targeted risk reductions for the port’s DB plan. Isabelle also led the review of the governance structure for the Montreal Port Authority’s DC plans. Isabelle distinguishes herself through her global vision of issues, her analytical mind and her communication skills.
Philippe Rickli
Philippe has worked on a full range of pension consulting services, for federal, public and private sector pension plans. Recognized for his leadership amongst Normandin Beaudry’s annuity purchase team, Philippe brings NB’s taskforce, insurers and clients to collaborate closely to guarantee the best possible outcome for such transactions. Philippe has accompanied the Montreal Port Authority in their annuity purchases with Sun Life. Philippe’s role also includes assisting clients in managing the risks associated with their DB pension plans, establishing investment strategies, strategizing with various committees and leading training sessions. Philippe also works closely with clients and insurers to optimize and/or set up capital accumulation plans (DC, group RRSP, etc.).
Mathieu Tessier
Mathieu is responsible for all Client-facing aspects of Defined Benefit Solutions, including market segmentation, business development, Client relationship management and marketing. In addition, he champions the team’s strategic planning process and is responsible for driving innovation priorities forward. With his 15 years of pension consulting experience, Mathieu has worked on several groundbreaking deals, including the first ever annuity purchase for active members, and complex liability driven investment mandates.
