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Keyword: Longevity risk

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Purpose Investments Inc. is introducing a new longevity pension fund, which invests 50 per cent in equities and 50 per cent in fixed income. It can be incorporated into a defined contribution plan to provide plan members with an in-plan decumulation option, says Pat Leo, vice-president of retirement solutions at Purpose Investments, noting investors can redeem […]

Two experts weigh in on the merits and drawbacks of taking the traditional annuities route versus opting for the newer do-it-yourself option. Marco Dickner, retirement risk management leader for Willis Towers Watson in Canada Although annuity purchases have become an important pension risk management option over the last decade, a countertrend is emerging for plan […]

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 […]

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 […]

  • By: Staff
  • April 8, 2021 April 25, 2021
  • 09:00
Corby, Hiram Walker entering $176M group annuity buy-in

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 […]

  • By: Staff
  • December 7, 2020 April 28, 2021
  • 15:00
Guardian Capital teaming up with Moshe Milevsky on portfolio longevity solutions

Guardian Capital is forming a collaboration with Moshe Milevsky, a professor of finance at York University’s Schulich School of Business, that focuses on retirement finance. As an academic, Milevsky is currently working on research on the intersections of financial engineering, actuarial science, insurance contingent claims and wealth management, according to a press release. “There is an acute need for innovation […]

  • By: Staff
  • September 18, 2020 November 12, 2020
  • 09:03
Changes to Canadians’ life expectancy could have small effect on pension liabilities

Life expectancy at age 65 has marginally increased for Canadian men while remaining stable for Canadian women, according to new data from Statistics Canada. It found life expectancy for Canadian men at age 65 increased to 19.4 years in 2018, up from 19.3 in 2017. In comparison, for Canadian women at age 65, life expectancy […]

CSS pension plan enters into longevity insurance agreement

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 […]

  • By: Staff
  • January 29, 2020 November 30, 2020
  • 09:00
Iron Ore entering $560 million group annuity buy-in

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 […]

  • By: Staff
  • January 17, 2020 November 12, 2020
  • 15:00
North American envelope maker purchasing $46M group annuity buy-in

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 […]

  • By: Staff
  • January 17, 2020 November 12, 2020
  • 09:06