Our Retirement Income Plans are designed to provide you with a regular income throughout your retirement (known as annuity income or a pension). The amount you receive depends on the Retirement Income Plan you choose and your applicable tax rate

We offer two types of Retirement Income Plans:

With the Fixed Annuity, you’ll receive an income for the rest of your life. You can also choose to have the income payments continue until the last of your or your spouse’s life, or until the end of a minimum guarantee term. If you die before the end of this guarantee term, we’ll keep paying the income payments to your beneficiaries until the end of that term. Thereafter, the income payments will stop with no remaining amounts to be distributed to your beneficiaries.

With the Living Annuity, you decide how to invest your retirement savings within our range of investment funds. The Living Annuity also gives you flexibility to choose your income each year (within regulatory limits). Your remaining investment in the Living Annuity is paid to your beneficiaries or your estate on your death. With the Living Annuity, we reward you for managing how much you withdraw and managing your health in retirement. You can receive boosts of up to 50% to your retirement income through these behaviours.