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/C O R R E C T I O N -- Laurentian Bank of Canada/

By The Northwire Desk — AI Analysis Jan 09, 2026 · 07:00 LB · 39.90 LAURENTIAN BANK OF CANADA
LB · Price

Executive Summary

  • Laurentian Bank of Canada announced the purchase of group annuity contracts from a Canadian insurer to de-risk its pension plans.
  • The transaction transfers approximately $60 million in obligations and related assets from two registered defined benefit pension plans.
  • The insurer will assume responsibility for pension benefits for approximately 400 retirees, beneficiaries, and deferred members, with administration beginning in April 2026.

Key Details

  • Transaction Value: Approximately $60 million in obligations and related assets transferred.
  • Scope: Covers two registered defined benefit pension plans (corrected from an initial mention of three).
  • Beneficiaries: Approximately 400 Laurentian Bank retirees, beneficiaries, and deferred members.
  • Effective Date: The insurer will begin administering all benefits to these participants beginning April 2026.
  • Risk Protection: Post-transaction benefits for plan participants are protected under Assuris, the life insurance compensation association designated under the Insurance Companies Act of Canada.
  • Active Participants: Obligations related to pension benefits for active plan participants remain with the Bank and will continue unchanged.
  • Strategic Rationale: The agreement reduces the Bank's non-operating financial risk and administrative costs, simplifying operations.
  • Advisors: TELUS Health advised Laurentian Bank on the transaction.
  • Financial Impact: The agreement is expected to have no significant impact on the financial results for the first quarter of 2026.

Notable Quotes

  • "We are pleased to have reached this agreement which helps ensure that retirees, beneficiaries, and deferred members can receive their benefits from a leading Canadian insurer recognized for its expertise and ability to sustainably manage long-term commitments." — Yvan Deschamps, Chief Financial Officer, Laurentian Bank of Canada
Read the original news release →

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