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Plan sponsors are taking action

Many companies in different industries are purchasing group annuities to transfer pension risk from their defined benefit (DB) pension plans to insurers. Read about recent transactions and how these companies chose the right de-risking solution for their situation.

 

Repeat buyers:
plan sponsors are expanding their partnerships with insurers

Over 300 DB plan sponsors have purchased group annuities to de-risk their DB pension plans in the past 5 years. In 2021, of the 70+ plan sponsors who purchased group annuities, more than 15 had previously purchased annuities making them repeat buyers.

For example, LifeWorks has secured pension benefits for members of two Stelco Inc. Retirement Plans in the past three years:

  • 2019 – Morneau Shepell Ltd., in its capacity as plan administrator, purchased buy-in annuity contracts for Stelco Inc. Retirement Plan for Salaried Employees at Hamilton Works.
  • 2022 – LifeWorks, in its capacity as plan administrator, purchased buy-in annuity contracts valued at $1.3B for the Stelco Inc. Retirement Plan for USW Local 1005 Members at Hamilton Works.


Read more about each transaction.

Learn about the benefits of de-risking

Defined benefit pension plan sponsors face many challenges in Canada, sometimes threatening the retirement security of their members. The ever-changing environment leaves pension plans open to financial, political, and regulatory risks. De-risking your pension plan today can help mitigate the situation.

 Learn more about drisking solutions

Get the latest insights on managing risk in your DB pension plan

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