{"id":17771,"date":"2019-12-09T15:00:44","date_gmt":"2019-12-09T20:00:44","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/domtar-entering-into-annuity-buyout-for-360-million-in-db-pension-obligations-139915"},"modified":"2019-12-09T15:00:44","modified_gmt":"2019-12-09T20:00:44","slug":"domtar-pensions-entering-into-360-million-annuity-buyout","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/12\/09\/domtar-pensions-entering-into-360-million-annuity-buyout\/","title":{"rendered":"Domtar pensions entering into $360 million annuity buyout"},"content":{"rendered":"<div class=\"alignleft clearfix\">\n<div class=\"wp-caption feature-image alignleft\"><img decoding=\"async\" loading=\"lazy\" width=\"350\" height=\"263\" src=\"https:\/\/www.benefitscanada.com\/wp-content\/uploads\/2019\/12\/Domtar-350x263.jpg\" class=\"attachment-feature size-feature wp-post-image\" alt title=\"Domtar pensions entering into $360 million annuity buyout\"> <\/div>\n<\/div>\n<p class=\"byline\"><span>Staff<\/span>&nbsp;|&nbsp;December 9, 2019<\/p>\n<p>Domtar Corp. is entering into an agreement with Sun Life Financial for a group annuity buyout.<\/p>\n<p>The transactions&nbsp;will transfer about $360 million in obligations and related assets from the paper mill company\u2019s defined benefit plans in Canada over to the insurer.<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/rayonier-advanced-materials-pension-taking-on-annuity-buyout-139220\">Rayonier Advanced Materials pension taking on annuity buyout<\/a><\/strong><\/p>\n<p>In addition,&nbsp;it will convert&nbsp;about $101 million of existing buy-in annuities with existing insurers into buyout annuities to complete the full transfer of these obligations. The annuity buyout transactions will transfer responsibility for pension benefits for&nbsp;roughly 1,265 Domtar retirees and spouses in receipt of survivor pensions.<\/p>\n<p>The insurance companies will begin making benefit payments to the affected retirees and spouses on March 1, 2020.<\/p>\n<p> <a href=\"https:\/\/www.benefitscanada.com\/news\/domtar-entering-into-annuity-buyout-for-360-million-in-db-pension-obligations-139915\">Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staff&nbsp;|&nbsp;December 9, 2019 Domtar Corp. is entering into an agreement with Sun Life Financial for a group annuity buyout. The transactions&nbsp;will transfer about $360 million in obligations and related assets from the paper mill&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17771"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17771"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17771\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}