SCOR Global Life has entered into a longevity insurance transaction with Sun Life Assurance Company of Canada (Sun Life).

The transaction, which is a first in the Canadian market, covers benefits in payment for pensioners who are members of the Bell Canada (BCE Inc.) pension plan.

The risk of these members living longer is transferred from BCE Inc’s pension scheme to Sun Life and two reinsurers.

The associated liabilities are approximately CAD $5bn, (US$7.6bn) which makes this transaction one of the largest pension scheme longevity insurance transactions completed globally.

SCOR Global Life said it is assuming a significant portion of this risk. The effective date of the transaction is 1 January 2015.

Paolo De Martin, CEO of SCOR Global Life, said: "This transaction is significant due to its size and the fact that it is the first longevity insurance transaction in the Canadian market."