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Pension De-risking

Frequently Asked Questions

What is Brookfield Annuity Company?

Brookfield Annuity Company is the only Canadian life insurance company that specializes in providing group annuity benefits to Canadian defined benefit pension plans and annuities for association savings plans. We are wholly owned by Brookfield Asset Management, a Canadian-based global asset manager.

The Brookfield Annuity team is a group of experienced insurance, investment and pension professionals who are experts in their fields. We focus on bespoke solutions that are competitively priced to create value for our clients.

Where is Brookfield Annuity Company located?

Brookfield Annuity Company has its head office in Toronto, Ontario. We are regulated by the federal Office of the Superintendent of Financial Institutions.

Is Brookfield Annuity Company a member of Assuris?

Brookfield Annuity Company is a member of Assuris, a national program in which all life insurance companies authorized to sell insurance in Canada must participate. Established in 1990, Assuris is the not-for-profit organization that protects Canadian policyholders if their life insurance company should fail. Its role is to protect policyholders by minimizing the loss of benefits and ensuring a quick transfer of their policies to a solvent company, where their protected benefits will continue to be paid.

How can I learn more about group annuities with Brookfield Annuity Company?

If you would like to know more about us and the de-risking solutions we offer, please contact us at info@brookfieldannuity.com or 416.604.0123.

What is a group annuity policy?

A group annuity policy is a contract between an insurance company and a policyholder that pays regular income to the group of individuals covered by the policy. (In the case of Brookfield Annuity Company, the policyholder is a pension plan sponsor.) The group annuity policy effectively takes over the payment of retirement benefits under the same terms as the pension plan.

What is an Individual Life Annuity?

An Individual Life Annuity is an insurance product that provides regular income for the purchaser’s (“annuitant”) lifetime and, depending on its features, may also pay income for the lifetime of the purchaser’s spouse/common-law partner.

Who are Brookfield Annuity policy members?

“Brookfield Annuity policy members” is the term we use to describe individuals to whom we pay monthly annuity benefits.

These include former pension plan members who are either receiving pension income or are entitled to it at a future date through a group annuity managed by Brookfield Annuity Company. Individuals who have purchased annuities though our association clients are also our policy members.

In articles and at some other life insurance companies, these policy members are sometimes called “annuitants”.

What are Annuities for Associations?

Annuities for Associations are offered through organizations, such as professional associations, that have selected Brookfield Annuity Company to make Individual Life Annuity policies available to their members.

Do policy members face more financial risk with an annuity payment than a pension payment?

No. Policy members don't face more financial risk. There are many safeguards that protect their benefits. Brookfield Annuity Company is a licensed insurance company supervised by the Office of the Superintendent of Financial Institutions. We are subject to strict requirements to hold enough capital to secure all of the group annuity policies that we write. The adequacy of our capital, operational controls and corporate governance are frequently monitored by federal and provincial regulators.

Does Brookfield Annuity Company provide administration and member services?

Brookfield Annuity Company is a full-service administrator of group annuity benefits. These services include maintenance of all policy member records, payment of benefits, production of statements, pay slips and tax slips, and fulfillment of requests for quotes or other information.

How can policy members access these services?

Brookfield Annuity Company offers services to policy members through our member services centres.

For more information about services for policy members and for contact information, please visit Services for Members.