Two shared-risk pension plans for former employees of New Brunswick-based Fraser Papers Inc. are de-risking via annuity buy-in transactions totalling $114 million.
A board of trustees overseeing the plans completed the pension risk transfer service transaction with Sun Life Financial Inc.
Read: Pension risk transfer market reaching $1.4 billion in first half of 2025: report
Plan members have faced uncertainty with more than $70 billion in pension obligations being transferred between insurers since the company faced hardship and eventually filed for creditor protection in 2009.
This transaction enables the termination of the shared risk plans and brings an end to the companies’ creditors arrangement act. Sun Life committed to ensure uninterrupted payment of monthly pensions to plan members, according to a press release.
Read: Canadian pension risk transfer market down 60% in first half of 2025: report