The introduction of more flexible annuity options for capital accumulation plans and reform to prescription drug coverage are among the recommendations by the Canadian Life and Health Insurance Association for the 2019 federal budget.
In a letter to the Ministry of Finance, the CLHIA highlighted the increasing need for Canadian retirees to convert some or all of the savings accumulated in their defined contribution pension plans, registered retirement savings plans, registered retirement income funds, pooled registered pension plans and tax-free savings accounts into guaranteed lifetime income streams.
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