Pacific Life Takes On Pension Obligations for S&P Global and Lennox International

Earlier this year two companies announced the purchase of group annuity contracts from Pacific Life Insurance Company for the purpose of pension de-risking.  In a $370 million transaction, S&P Global transferred its obligations to 4,600 retirees to Pacific Life.  Lennox International, the heating and cooling company transferred $100 million in pension obligations to Pacific Life Insurance Company.  In 2016, Lennox offered lump-sum buyouts to vested participants.  Few details were released about either of the Pacific Life transactions.