Tue Sep 17 06:30:00 UTC 2024: ## Syensqo Secures Retirement Benefits with Group Annuity Contracts
**Brussels, Belgium – September 17, 2024** – Syensqo, a leading science company, has taken a significant step to secure the financial stability of its retirees in the US and Canada. The company has entered into agreements with Pacific Life Insurance Company and RBC Insurance to transfer USD 485 million of its pension obligations through the purchase of group annuity contracts.
This strategic initiative will reduce Syensqo’s gross pension obligations and associated volatility risk, while guaranteeing the long-term security of pension benefits for its retirees. Importantly, this transfer will not result in any change to the benefits received by retirees or require additional cash funding from Syensqo, as the plans are fully funded.
“This initiative underscores our commitment to the long-term financial security of our retirees and our company,” said Christopher Davis, CFO of Syensqo. “By partnering with top-tier insurance providers, we are ensuring that our pension obligations are managed with the utmost care and expertise.”
Karen Neeley, Vice President of the Institutional Retirement Solutions Group at Pacific Life, and Abid Kazmi, Vice President Longevity Solutions at RBC, expressed their commitment to providing retirement security for Syensqo’s retirees. “With the strength, stability, and extensive expertise of our companies, we are dedicated to ensuring the retirement income they worked hard to earn is protected,” they stated jointly.
RBC will begin paying and administering retirement benefits to affected retirees and beneficiaries in Canada from December 2024. Pacific Life will similarly assume these responsibilities for US retirees and beneficiaries from January 2025.
This move demonstrates Syensqo’s commitment to its employees and their long-term well-being, further solidifying the company’s reputation as a responsible and reliable employer.
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