The evolving annuity: where it’s been and where it’s going
NCR has purchased a single premium group annuity contract from The Principal to transfer about US$160 million ($185.8 million) of pension liabilities.
Visteon Corp. has entered into an agreement to transfer certain American pension assets to Prudential Insurance Company of America to settle approximately US$350 million of Visteon's US$1.1 billion in outstanding pension obligations.
Most regulators do not view a buyout group annuity purchase from an ongoing pension plan as a complete settlement of the obligations covered by the annuity. Some DB plan sponsors with a desire to reduce pension risk face this barrier.
Is 2014 the dawn of a new era in pension plan de-risking?
Coverage of the 2013 Risk Management Conference
It was, literally, a big deal when the Canadian Wheat Board (CWB) off-loaded the risk of its underfunded DB pension plan to Sun Life Financial with a $150-million group annuity purchase. Steering this complex deal seemed impossible at times—no Canadian pension plan had bought an inflation-adjusted group annuity before. But the Winnipeg-based grain marketer plowed […]
Sun Life Financial has completed the sale of its domestic U.S. annuity business and certain life insurance businesses to Guggenheim Partners’ Delaware Life Holdings.
Sun Life Financial has received all regulatory approvals to sell its American annuity business to Guggenheim Partners' Delaware Life Holdings division.
In an effort to reduce growing pension liabilities in the United States, a top Republican senator has proposed a plan that would allow state and municipal governments to transfer pension management to insurance companies.