Syensqo has entered into agreements with Pacific Life Insurance Company and RBC Insurance to transfer $485m of its pension obligations through the purchase of group annuity contracts. The transactions will see no change to the benefits for its retirees as well as no additional cash funding requirement, as the plans are fully funded.
“This strategic initiative underscores our commitment to the long term financial security of our retirees and of our company. By partnering with top-tier insurance providers, we are ensuring that our pension obligations are managed with the utmost care and expertise, allowing us to focus on delivering value to our stakeholders and advancing our strategy,” said Christopher Davis, CFO of Syensqo.
“Pacific Life and RBC are proud to work with Syensqo to help provide retirement security for their retirees,” said jointly by Karen Neeley, Vice President of the Institutional Retirement Solutions Group at Pacific Life and Abid Kazmi, Vice President Longevity Solutions at RBC.
“With the strength, stability, and extensive years of expertise of our companies, we’re committed to ensuring the retirement income they worked hard to earn is protected.”
RBC will begin paying and administering the retirement benefits of affected retirees and beneficiaries in Canada from December 2024 and Pacific Life will similarly do the same for US retirees and beneficiaries from January 2025.
