Annuity PENSIONS INVESTMENTS PROTECTION

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1 Annuity

2 About Canada Life Established in 1903, the Canada Life Group has grown to be a modern and dynamic international financial services business. We are part of Great-West Life, one of the world s leading life assurance companies, from a country ranked the most financially sound in the world *. With a reputation for financial strength, stability and consistently high financial ratings from the independent rating agencies, Canada Life is part of the only life assurance group in Ireland to have a AA rating ** from Standard & Poor s. * Source: World Economic Forum ** The financial rating shown for Great-West Life is provided by Standard & Poor s. Standard & Poor s is a rating agency which provides ratings on the financial strength of companies. This information is correct at the time of going to print.

3 Pensions Canada Life Annuity Contents Introduction 4 Annuity overview 5 About Annuity 6 How does it work? 7 Technical details 12 Questions and answers 13 More information 14

4 Pensions Canada Life Annuity Introduction Enjoy your retirement with Canada Life You ve worked hard, you ve saved hard and now it s time to enjoy your retirement. So how can you convert your hard-earned retirement savings into an income that will last your lifetime? While it is impossible to predict exactly how long you will live, recent figures show that in Ireland today, a man retiring at 65 can expect to live to 81 and a woman retiring at 65 can expect to live to 84 *. These statistics suggest there is now a good chance that if you retire at 65 you could need to fund at least 20 years of retirement, and possibly many more. And with improvements in medical diagnosis and treatment, many more people can expect to live even longer in the future. At Canada Life we aim to make sure that your savings work to provide you with the retirement you have planned for. Our annuity options offer you choice and flexibility, so you can get on and enjoy your life in retirement. With a reputation for financial strength, stability and consistently high financial ratings, Canada Life is part of the only life assurance group in Ireland to have a AA rating ** from Standard & Poor s. When you invest with Canada Life you know that you are investing with the strongest life assurance group in Ireland. *Source: Central Statistics Office, **The financial rating shown for Great-West Life is provided by Standard & Poor s. Standard & Poor s is a rating agency which provides ratings on the financial strength of companies. This information is correct at the time of going to print. Warning: If you invest in this product you will not have any access to your money.

5 Pensions Canada Life Annuity Canada Life Annuity overview Type of product Annuity contract. Aim To provide a secure, regular income for your life in retirement. Risk Low Capital protected No. An annuity cannot be surrendered for a lump sum and no lump sum payment will be made to your dependants on your death. An annuity cannot be transferred to another Life Assurance provider. Guarantees Time period Tax and other deductions Suitable Not suitable Your Annuity payments are guaranteed until you die. You can choose optional Guaranteed Payment Periods of 5 or 10 years whereby if you die within the Guaranteed Payment Period, your annuity will continue to be paid to your estate. You can also choose to guarantee an income for your spouse or partner when you die. There is no time limit. Your Annuity is paid for the remainder of your life in retirement. If you opt for a Guaranteed Payment Period, your Annuity may extend beyond your death. Under current taxation legislation, income from your Annuity is taxed under the PAYE system and you will have to pay tax on your income at prevailing tax rates, subject to your tax status. You do not have to pay PRSI on your annuity but a deduction for the Universal Social Charge may also be made depending on the level of your retirement income and your age. If you want to secure a certain amount of income for as long as you live. If you want to leave a lump sum of money to your dependants when you die, if you want to retain control over the management of your pension proceeds or if you want access to your lump sum investment during retirement.

6 Pensions Canada Life Annuity About Annuities Retirement made easy What is an annuity? An annuity is a series of regular payments made to you throughout your retirement. To buy your Canada Life Annuity, you use some, or all, of your pension savings to buy an agreed amount of regular income to be paid to you for the rest of your life. Secure your retirement income No need to worry about the effect of poor investment returns reducing the value of your retirement savings, an annuity gives you a secure and predictable income for the whole of your life in retirement. Look after your loved ones With options to provide a secure income for your spouse or partner when you die, you can make sure that provisions have been made for your loved ones. Flexibility for the future An option which may help to protect your income from rises in the cost of living by selecting an annuity which increases your payments year on year. No access to your lump sum investment The Canada Life Annuity gives you the security of an income for the rest of your life however you will not be able to cash-in your policy for a lump sum.

7 Pensions Canada Life Annuity How does it work? Buying your annuity Who is a Canada Life Annuity suitable for? You must be over the age of 60 and under the age of 75 when you buy your Canada Life Annuity. You can only buy an annuity when you retire using the proceeds of your pension savings, although not all pension savings are eligible. You can buy your Canada Life Annuity using proceeds from: Your personal pension plan; Your company or executive pension plan; Your retirement bond; Your Additional Voluntary Contribution (AVC) scheme; Your Personal Retirement Savings Account (PRSA). Your Canada Life Annuity can only be bought with the proceeds from the types of pension plans shown above. It cannot be bought from other types of personal savings. Talk to your Financial Advisor for more information on other types of retirement income that may be available to you. Please note that if you are a member of a defined contribution scheme or group pension scheme, the trustees of the scheme are usually responsible for buying your annuity. This is known as a compulsory purchase annuity and the conditions and options available to you will be set out in the rules of your pension scheme. If you already have a pension plan with Canada Life which provides for the purchase of an annuity on retirement, the conditions and options available to you in relation to your Canada Life Annuity may be set out in the Policy Conditions. You should check your Policy Conditions. Who is covered by my Canada Life Annuity? You can set up your Canada Life Annuity to cover one or two people. You can choose for your Annuity to end when you die or you can choose to have the income continue to be paid after your death, for example to your husband, wife or partner. For more information please see Protecting your loved ones for the future on page 10.

8 Pensions Canada Life Annuity Securing your income for life Your Canada Life Annuity gives you peace of mind that your income is secure for your whole life in retirement. We will pay your income on a monthly, quarterly, bi-annual or annual basis, whichever is most suitable for you. Your Annuity income will be lodged directly by electronic fund transfer to the Bank/ Building Society account nominated by you. How much income will I receive? The amount of your regular income will depend on the amount of premium you invest and the Canada Life Annuity rates available at the time you purchase your Annuity. When you buy a Canada Life Annuity, we will set your Annuity Rate on the date your Annuity starts. This rate is guaranteed for as long as your Canada Life Annuity is paid. Once your Annuity Rate is set, it cannot be changed. Annuity rates depend on age, gender, investment conditions, premium and the options you have selected for your Annuity. Annuity rates can change on a daily basis depending on long term interest rates and other factors. If you choose to add extra options to your Annuity, the cost of buying your Annuity will be higher and therefore your regular income payments will be lower. The extra options that can be selected are an income which increases year on year, a guaranteed payment period or the option to provide a secure income for your spouse or partner when you die. Talk to your Financial Advisor for more information on how your Annuity income is calculated. Extra options can only be selected at the outset and cannot be added on at a later date. You can use as much of your pension fund as you want to buy your Canada Life Annuity, but there is a minimum amount of 6,500. Please talk to your Financial Advisor to request a personalised Canada Life Annuity Quotation which will detail our current Annuity rates based on your specific details and choice of Annuity options. Is my income amount fixed? You can choose to have your Canada Life Annuity set up as a level income which will be paid as the same amount throughout your lifetime. Alternatively, you can choose to increase your payments at a fixed percentage rate of either 3% or 5% each year, to help protect your income from the effects of inflation. This is called escalation. If you choose to add escalation to your policy, your Annuity payments will start at a lower level but will increase each year. Please note that you can only add this option when your Canada Life Annuity starts; you cannot add it at a later date.

9 Pensions Canada Life Annuity Can I pay additional premiums into my Canada Life Annuity after it has commenced? It is not possible to pay additional premiums into your Annuity after it has been set up. However, in certain circumstances, you may also be able to invest in an Approved Retirement Fund (ARF) or an Approved Minimum Retirement Fund (AMRF) alongside your Annuity. Alternatively, you can purchase another annuity. You can hold any number of annuity policies. However we recommend that you talk to your Financial Advisor if you hold more than one annuity policy as your tax credits and liabilities will be affected. Talk to your Financial Advisor for more information on the options available to you. Will I be able to cash-in my Canada Life Annuity? No. Your Canada Life Annuity gives you the security of a regular income for the rest of your life, but you will not be able to cash-in your policy for a lump sum after the start date of your Annuity and expiry of the cooling off period. Please see Questions and Answers on page 13 for more details of the cooling off period applicable.

10 10 Pensions Canada Life Annuity Protecting your loved ones for the future Your Canada Life Annuity offers extra options and benefits to provide additional security for your loved ones. Guaranteed Payment Period You can choose to guarantee your Annuity income so that it will be paid for a minimum period from the policy start date. By choosing a Guaranteed Payment Period of either 5 or 10 years, even if you die during this time, your Annuity will be paid to your estate until the end of your chosen Guaranteed Payment Period. However, if you do not die during your Guaranteed Payment Period, your Annuity will continue to be paid as normal for the rest of your life. Choosing a guarantee and the length of your chosen Guaranteed Payment Period will affect the overall cost of your Annuity. If you choose a longer Guaranteed Payment Period, the cost will be higher. Can I guarantee an income for my spouse or partner if I die? You can choose to buy a Canada Life joint Annuity so that when you die we will continue to pay an income to your husband, wife or partner for the remainder of his or her life. When you set up your policy, you can decide how much income your spouse or partner will receive. This is usually set as a percentage of your Annuity income, for example, a 50% joint life Annuity means that when you die, your spouse or partner will receive 50% of your Annuity income until they die. The cost of your joint Annuity will depend upon the age and gender of the other person covered by your policy. The younger the spouse or partner, the more expensive the joint life option will be and in general, life expectancy for women is higher than that of men of the same age. Other factors may also be taken into account when setting the Annuity rate of a joint Annuity policy. Talk to your Financial Advisor for more information on how your joint Annuity income is calculated. Please note that you can only add this option when your Annuity starts; you cannot add it at a later date. This product is underwritten by Canada Life Assurance (Ireland) Limited or The Canada Life Assurance Company. All guarantees are provided by Canada Life Assurance (Ireland) Limited or The Canada Life Assurance Company.

11 11 Pensions Canada Life Annuity Tax All annuity policies are subject to current legislation and Revenue Commissioner tax rules. Your Annuity income is taxed under the PAYE system and you will have to pay tax on your income at your marginal rate of tax, subject to your tax status. The annual marginal rate of tax is 20% or 41% depending on your income. You do not have to pay PRSI on your Annuity but a deduction for the Universal Social Charge (USC) may also be made depending on the level of your retirement income and your age. Based on information provided to us by the Revenue Commissioners, Canada Life will deduct any tax and other payments and remit payment directly to the Revenue Commissioners on your behalf. Any shortfall of tax or USC may be deducted from subsequent Annuity payments. Please note that tax rules are subject to change and tax liabilities will vary from person to person. Talk to your Tax Advisor for more information on the taxes, charges and levies that apply to you. For more information on tax, visit the Revenue Commissioners website at

12 12 Pensions Canada Life Annuity Technical details Canada Life Annuity - Policy details Minimum entry age Maximum entry age Minimum term 60 (61 next birthday) 74 (75 next birthday) No minimum term. Maximum term Minimum purchase amount Basis No maximum term. The income is payable for the remainder of your life. You can also choose to have the income continue after your death for example to your spouse or partner for a set Guaranteed Payment Period, if longer. 6,500. Single or joint life available. Escalation option 3% or 5% Guaranteed payment period Frequency 5 or 10 years. Monthly, quarterly, bi-annual or annual Canada Life Annuity - Charges The actual amount used to purchase your Canada Life Annuity, depends on the relevant allocation rate. If your allocation rate is less than 100%, an upfront charge has been made on your premium. The minimum allocation rate is 98%. Your actual allocation rate may be different. Please talk to your Financial Advisor for more information on the allocation rate that will apply to your plan. The charges associated with the Canada Life Annuity rates are determined by a number of factors such as age, gender, investment conditions, premium and the options you have selected for your Annuity. The Annuity rate provided will be calculated for each policyholder taking into account all the relevant factors. Any other changes applicable are already allowed for in the annuity rate set when your policy is taken out.

13 13 Pensions Canada Life Annuity Questions and answers Can I buy more than one annuity? Yes. You can hold any number of annuity policies. However, we recommend that you talk to your Financial Advisor if you hold more than one annuity policy as your tax credits and liabilities will be affected. Will you still pay my Canada Life Annuity if I move to live abroad? Yes. We will continue to make all Annuity payments and we will continue to deduct tax, and USC (unless we are otherwise notified by way of an exclusion order from the Revenue Commissioners). You will need to talk to your Tax Advisor and/or the Revenue Commissioners for information on your taxation status, as different tax laws may apply in different countries. What happens if I die while my Canada Life Annuity is in place? This depends on how you have set up your policy. If your Annuity is set up as a single life policy with no Guaranteed Payment Period, all payments will end when you die. If you have chosen a Guaranteed Payment Period of either 5 or 10 years from the policy start date, payments will be made to your estate until the end of the guarantee period. If you have set up your policy on a joint life basis, payments will continue to be made to the other person covered by your policy, for the rest of their life. These payments will be a percentage of your Annuity income. Full details of how your policy is set up are available in your Policy Conditions and Policy Schedule. Can my children receive my Canada Life Annuity? If you have chosen to add a Guaranteed Payment Period to your Annuity, and have nominated your children or other named dependants to receive your Annuity income after you die, they can continue to receive your Annuity payments until the end of the Guaranteed Payment Period, if both you and your spouse or partner die. Please note that you can only add the option of a Guaranteed Payment Period when your Annuity starts; you cannot add it at a later date. Can I sell or assign my Canada Life Annuity? No. You cannot sell or assign your Canada Life Annuity. Can I change my mind? A 15-day cooling off period applies to your policy. This means that if you change your mind and decide that you would no longer like to proceed with your policy, you can cancel your policy at any time within 15 days of the receipt of your Policy Documents. An amount equal to the purchase amount less any Annuity payment(s) already paid and any losses incurred by Canada Life as a result of fluctuations in the financial markets during the period from inception of the contract to the date the Company receives written notification of cancellation will be refunded to the original pension provider. However, once this cooling off period elapses, the policy cannot be cancelled. Simply send a written cancellation request, signed and dated, to: The Manager, New Business Department, Canada Life House, Temple Road, Blackrock, Co. Dublin. You must also return your Original Policy Document.

14 14 Pensions Canada Life Annuity More information For more information on your policy we recommend that you speak to your Financial Advisor. You can also contact our Customer Service Team by phone on , by at or online by visiting For information on the full range of products and funds available from Canada Life, please visit our website at:

15

16 Important Information Please refer to your Policy Conditions and Policy Schedule for full details of your Canada Life policy. If there is any discrepancy between this brochure and the Policy Conditions and Policy Schedule, the terms of the Policy Conditions and Policy Schedule shall prevail. This document does not form part of any contract. For full details of all our products, please refer to the specific product Policy Conditions. The information contained in this document is based on current legislation and is, therefore, subject to change. The contents are intended as a guideline only and should not be construed as advice or an interpretation of the law. Whilst every care has been taken in the preparation of this document, Canada Life accepts no responsibility whatsoever for any errors or omissions in the information contained herein or for any loss occasioned to any person acting or refraining from acting as a result of any statement in this document. You should always seek advice of an appropriately qualified professional. This product is underwritten by Canada Life Assurance (Ireland) Limited or The Canada Life Assurance Company. All guarantees are provided by Canada Life Assurance (Ireland) Limited or The Canada Life Assurance Company. Your Policy Conditions will specify which company underwrites your policy. Canada Life House, Temple Road, Blackrock, Co Dublin. T F E W CANMU628 06/12 Canada Life Assurance (Ireland) Limited and The Canada Life Assurance Company are regulated by the Central Bank of Ireland.

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