The Co-operative Superannuation Society Pension Plan is making a deal with the Co-operators Group Ltd. on a longevity insurance agreement to protect its annuity offering. “CSS is very proud to have been providing an in-plan annuity option to our members for close to 50 years,” said Martin McInnis, executive director of CSS, in a press […]
The Iron Ore Co. of Canada has purchased a $560 million group annuity buy-in that covers more than 3,700 defined benefit plan beneficiaries and current retirees. The transaction with Sun Life Financial and Morneau Shepell Ltd. represents the largest Canadian same-day deal with a single insurer, according to a press release. “We continue to see these transactions […]
North American envelope marker and marketer Supremex Inc. is purchasing a $46 million group annuity buy-in through RBC Life Insurance Co. The deal covers 361 defined benefit plan pensioners, beneficiaries and deferred vested members. It comes on the heels of an almost $7 million transaction made in June 2018 for a smaller group of members […]
North American envelope marker and marketer, Supremex Inc., is purchasing a $46 million group annuity buy-in with RBC Life Insurance Co. The deal covers 361 defined benefit plan pensioners, beneficiaries and deferred vested members. It comes on the heels of an almost $7 million transaction made in June 2018 for a smaller group of members […]
The holiday season is a time to reflect on the events of 2019 and how they may affect trends in the year to come. I predict a couple of trends on the pension landscape in 2020: much needed progress on the expansion of decumulation options and the outsourcing of the chief investment officer function. Expansion of […]
Legislative changes and plan design were among the leading topics in the pension and retirement industry in 2019, with the top three most read stories tackling those topics. Benefits Canada rounds up the industry’s favourite pension stories of the year: 1. Budget 2019: Proposed changes to pension legislation, annuities, CPP 2. DB pensions best option for Canadian employers, economy: report 3. Alberta budget includes […]
In the investment space, readers were focused on the moves of the big public pension funds and real estate investment in 2019, with the top three most-read stories tackling those topics. Benefits Canada rounds up the industry’s favourite investment stories of the year: 1. Canadian DB plans return median 1.7 per cent in Q3 2. Hugh O’Reilly stepping down from OPTrust 3. OPTrust partners […]
This month’s Head to head considers the merits of both defined benefit and defined contribution plans as the country’s pension landscape becomes an increasingly diverse patchwork. Jerry Dias, president of Unifor National: Let’s cut to the chase. Absent a voice for workers through a union and collective bargaining, there really wouldn’t be much debate around defined […]
Domtar Corp. is entering into an agreement with Sun Life Financial for a group annuity buyout. The transactions will transfer about $360 million in obligations and related assets from the paper mill company’s defined benefit plans in Canada over to the insurer. Read: Rayonier Advanced Materials pension taking on annuity buyout In addition, it will convert about $101 million […]
As pension regulators move forward with legislation permitting annuity options for certain capital accumulation plans, the Canadian Life and Health Insurance Association is calling on the federal government to make flexible annuities available for registered retirement savings plans, registered retirement income funds and tax-free savings accounts. In March 2019, the federal budget proposed enabling advanced life deferred annuities for […]