Terra L. Klinck

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Terra has over 25 years of experience advising both provincially and federally regulated employers and plan administrators, primarily in the private sector, on all legal issues relating to defined benefit (DB) and defined contribution (DC) pension plans, including: governance, fiduciary responsibilities, plan administration and regulatory compliance, funding requirements, pension fund investment and surplus utilization.

Terra has a wealth of experience advising private sector employers restructure their legacy DB pension arrangements, including de-risking initiatives (e.g., buy-in and buy-out annuity purchases), plan mergers and plan wind-ups.

Terra also has extensive experience advising on pension and benefit matters in corporate transactions, including mergers and acquisitions, insolvencies and restructurings.

Representative Work

• Advising multiple employers on defined benefit pension de-risking initiatives through annuity buy-in and buy-out transactions, including a series of transactions where over $2B of defined benefit liabilities were transferred to Canadian insurance companies in 2023 and 2024. 
• Acting as counsel to a large Canadian financial institution in respect of its Canadian pension and savings plans, including governance, compliance and regulatory matters, plan consolidations and mergers and acquisitions related activities.
• Advising multiple employers on the conversion of their single employer plans into a jointly sponsored pension plan, including the transfer of legacy defined benefit liabilities.

Awards & Accolades

• Chambers Canada (2021-2025)
  Band 3: Pensions & Benefits – Nationwide – Canada
• Benefits and Pensions Monitor - Elite Woman (2025)
• The Best Lawyers in Canada™ (2020-2025)
  Employee Benefits Law
• The Legal 500 Canada (2024-2025)
  Leading Partner: Pensions
• Canadian Legal Lexpert Directory (2015-2018, 2020-2025)
  Consistently Recommended: Pensions & Employee Benefits
• Lexology Index: Labour, Employment & Benefits (2024)
  Recommended: Pensions & Benefits
• Lexology Index: Canada (2019-2023)
  Recommended: Labour, Employment & Benefits
• Lexpert Zenith Award (2018)

Associations & Memberships

• Canadian Bar Association | Pension and Benefits Law Section | Chair, Executive Committee (current)
• Osgoode Professional Development | Pension Law Certificate Program | Instructor (2018-2023)
• Financial Services Regulatory Authority of Ontario | Standing Technical Advisory Committee for Defined Contribution Pension Plans | Member (2020-2023)

Education

• University of Western Ontario, LL.B.
• McGill University, B. Comm. (with Distinction)
• Yale University – Exchange Student