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ARTICLE · 26 SEPTEMBER 2013

Longevity Risk Transfer – Canadian Opportunities

Blake, Cassels & Graydon LLP
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The concept of longevity risk transfer is not new but has recently been attracting more attention both internationally and here in Canada as life expectancies continue to increase.

CanadaFinance and Banking
Paul Belanger
Paul Belanger
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The concept of longevity risk transfer (LRT) is not new but has recently been attracting more attention both internationally and here in Canada as life expectancies continue to increase. On August 29, 2013, the Office of the Superintendent of Financial Institutions Canada (OSFI) released both a draft policy advisory (Draft Policy) and a memorandum (Memorandum) on the topic of LRTs.

In brief, the Draft Policy provides information and guidance to administrators of federally regulated pension plans who are considering entering into insurance or swap contracts to hedge longevity risk. It outlines (1) the different types of LRT contracts, (2) the risks associated with LRT contracts, (3) considerations for plan administrators who are seeking to enter into an LRT contract, and (4) OSFI's expectations for plan administrators entering into LRT contracts. Notably, the Draft Policy states that OSFI has no objections to a pension plan administrator entering into an LRT contract

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