LifeWorks purchases buy-in annuity contracts for Stelco's Hamilton Works
Secures benefit entitlements of all plan participants; involves two Canadian insurers
LifeWorks, in its capacity as plan administrator, has purchased buy-in annuity contracts on
The complex transactions aimed at accomplishing various objectives, such as preserving the favourable financial position of the plan; ensuring fairness of treatment for all plan participants; and maximizing Assuris benefit protection.
Key highlights of the deal
-
The structure of the deal, valued at
$1.331 billion , involved two Canadian life insurance companies:Brookfield Annuity Company andSun Life Assurance Company of Canada . - The transaction covers 7,114 retirees and beneficiaries, deferred vested and active/transferred participants.
- The appointment of the insurers followed a thorough due diligence and selection process.
- The LifeWorks pension risk transfer and regulatory teams worked closely together on these transactions.
Comments from
"This is a great outcome for the
Comments from
"Our team worked closely with the insurers to structure this deal and secure all plan members’ benefits. Transaction readiness was key to securing this timely deal.”
About LifeWorks
LifeWorks is a world leader in providing digital and in-person solutions that support the total wellbeing of individuals. We deliver a personalized continuum of care that helps our clients improve the lives of their people and by doing so, improve their business.
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LifeWorks
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Source: LifeWorks
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