BCE Inc.

BCE Inc. in its ground breaking pension de-risking strategy

Client

BCE Inc.

Value

$5 billion

Service

Pensions and Benefits

Date Closed

March 2015

Lead Office

Toronto


On March 3, 2015, Sun Life Financial Inc. and BCE Inc. announced a new agreement that further advances BCE’s pension de-risking strategy by transferring longevity risk for C$5 billion of pension plan liabilities to Sun Life Assurance Company of Canada.

Under the new longevity insurance agreement, the first of its kind in North America, the Bell Canada Pension Plan will pay monthly premiums to Sun Life and in exchange Sun Life will make monthly pension payments into the plan for the lifetime of existing pensioners. BCE, which currently provides both defined benefit and defined contribution pension plans, maintains full responsibility for the Bell pension plan and related payments to pensioners.

Sun Life has reinsured a portion of the longevity risk to RGA Canada and SCOR Global Life.

Osler provided external support to BCE with a team comprised of Douglas Rienzo, Julien Ranger-Musiol (Pensions & Benefits) and  Hemant Tilak (Tax), Steven Smith (Corporate), Michael Hart (Banking and Financial Services), Michael De Lellis and Andrea Lockhart (Restructuring and Insolvency), Shelley Obal and Timothy Mitchell (Research), and Joanna Fine and Adam Kardash (Privacy).


Team
Douglas  Rienzo
Key Contact

Douglas Rienzo

Partner, Pensions & Benefits

Hemant  Tilak

Hemant Tilak

Partner, Taxation

Julien Ranger - Pensions & Benefits Lawyer in Montréal

Julien Ranger

Partner, Pensions & Benefits

Michael  Hart

Michael Hart

Partner, Financial Services

Michael De Lellis - Insolvency Lawyer

Michael De Lellis

Partner, Insolvency & Restructuring

Andrea Lockhart

Andrea Lockhart

Counsel, Insolvency & Restructuring

Shelley  Obal

Shelley Obal

Partner, Research

Tim Mitchell

Tim Mitchell

Associate, Research

Joanna Fine

Joanna Fine

Partner, Privacy and Data Management

Adam Kardash - Privacy Lawyer

Adam Kardash

Partner, Privacy and Data Management
Co-Lead, AccessPrivacy