At Brookfield Annuity Company, annuities are what we do. This clarity, and our deep understanding of the pension sector, helps us put risk in the right place.
DB Pension Assets in Canada
Pension Liabilities Annuitized Since 2008
Statutory Discharge – A Step Forward in Pension Risk Transfer
The dramatic reduction in risk for pension plan members and pension plan sponsors is a defining feature of group annuities, whether the arrangement is a buy-in or a buy-out. In July 2018, the government of Ontario further enhanced the value of buy-out transactions covering Ontario-based pension plan members through new statutory discharge provisions in the Ontario Pension Benefits Act (PBA). After meeting certain conditions, single-employer pension plans that purchase a group annuity – one that fulfills specific requirements to deliver benefits for former or retired members – will receive a full statutory discharge from the obligation to pay a pension to those members.
Willis Towers Watson advises on CA$1.8 billion annuity transaction involving Sun Life, iA Financial Group and Brookfield Annuity April 07, 2021 (Cision)