Staff General Motors of Canada Co. is transferring the longevity risk for $1.8 billion in pension plan liabilities through a group annuity buyout. Jennifer Wright, director of communications at GM Canada, said in a statement that the automaker has been taking steps to reduce risk and strengthen its retirement plans with a view to protecting the pension benefits of members. “Moving these retired members to insurance companies helps to support the protection the pension benefits of these retirees into the future, while remaining members continue to enjoy a well-funded plan.” The transaction was conducted by Willis Towers Watson and pertains to more than 6,000 members of the GM Canada salaried pension plan who retired prior to June 1, 2020. Brookfield Annuity Co., iA Financial Group and Sun Life Financial Inc. are each responsible for $100 million, $600 million and $1.1 billion, respectively. It’s the largest in-kind transfer in Canadian history, according to a press release. In 2012, General Motors Inc. transferred its U.S. pension risk through an annuity buyout valued at US$26 billion.