© Songquan Deng / 123RF Stock Photo In its submission paper, CLHIA noted that Canadians increasingly have less access to defined benefit (DB) pensions, and are instead relying on DC plans, RRSPs, RRIFs, PRPPs and TFSAs to ensure they have sufficient income in retirement. The group argued that expanding access to annuities would give Canadians more opportunity to secure guaranteed income for life and transfer longevity risk to insurers.
“Allocating a portion of private savings within registered plans to provide life annuities starting at advanced ages would allow Canadians to better manage their assets, rather than over-saving and under-consuming, for […]
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