Iron Ore Company of Canada, Montreal, purchased a C$560 million ($429 million) group annuity buy-in contract from Sun Life Financial.
The deal covers all 3,700 retirees and beneficiaries in the Pension Plan For Employees of Iron Ore Company of Canada, and associated and subsidiary companies, said Veronique Lauziere, principal, asset and risk management at Morneau Shepell, the plan’s investment consultant. The plan will continue to pay benefits to be reimbursed by Sun Life.
Officials at Iron Ore Company of Canada, a privately held company for which Rio Tinto is the majority shareholder, could not be immediately reached for further information.
