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Sun Life Financial Inc. and BCE Inc. have reached an agreement under which BCE will transfer longevity risk for $5 billion of pension plan liability to Sun Life Assurance Company of Canada.

Under the agreement, the Bell Canada Pension Plan will pay monthly premiums to Sun Life and in exchange Sun Life will make monthly pension payments into the plan for the lifetime of existing pensioners. BCE maintains full responsibility for the Bell pension plan and related payments to pensioners. Canada’s largest communications company, BCE currently provides both defined benefit and defined contribution pension plans.

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