At Brookfield Annuity Company, annuities are what we do.
Our focus gives us clarity and understanding,
which helps us manage risk effectively for our clients and policy members.
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)