WTW - WTW advises on CA$923 million annuity transaction for Ford of Canada involving RBC Insurance Sun Life and Desjardins Group | Benzinga
TORONTO, Feb. 21, 2024 /CNW/ - WTW (NASDAQ:WTW), a leading global advisory, broking, and solutions company, in collaboration with RBC Insurance, Sun Life and Desjardins Group, today announced a group annuity buy-out transaction of CA$923 million for over 2,700 members of the Ford of Canada Retirement Pension Plan Number 3 who retired on or prior to June 1, 2021.
Marco Dickner, Canadian Retirement Risk Management Leader at WTW, said, "This transaction is part of a growing trend in the private sector, where plan sponsors can protect pension benefits for plan members and eliminate risk for the companies."
Nadine Orr, Head of Group Annuity at RBC Insurance, said
"RBC Insurance is proud to be acting as the lead insurer in this important three-way partnership with Sun Life and Desjardins. This solution shows that the market continues to be able to support large transactions in a single day to meet the needs of plan sponsors, while signaling the confidence they have in our ability to ensure a seamless transition."
Brent Simmons, Head of Defined Benefit Solutions at Sun Life, added "The Ford transaction demonstrates the ability of insurers in the Canadian annuity marketplace to collaborate on insurance solutions ...