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Pension Risk Transfer in Canada and the U.S.


Brent Simmons, FSA, FCIA
Head Defined Benefit Solutions
Sun Life


This report was prepared to provide an overview of pension risk transfer for use in the educational curriculum of the Society of Actuaries. It presents general principles and highlights major differences between Canada and the U.S. from a life insurer’s perspective. The focus is on group annuities, which are the most common solution for pension risk transfer.


Pension Risk Transfer in Canada and the U.S.


The researcher’s gratitude goes to those without whose efforts this project could not have come to fruition: the Individual Life and Annuity Track curriculum committee and others for their input and diligent work reviewing and editing this report for accuracy and relevance.

Society of Actuaries Individual Life and Annuity Track curriculum committee:
Dana Lipperman, FSA, MAAA
Maambo Mujala, FSA, MAAA
Ben Slutsker, FSA, MAAA

Kristin Gustafson, FSA, MAAA

Society of Actuaries Research Institute:
Doug Chandler, FSA, FCIA, Canadian retirement research actuary
Dale Hall, FSA, CERA, CFA, MAAA, SOA managing director of research

Sun Life
Jonathan Morin, FSA, FCIA
Eric Soehner, FSA, FCIA

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