monitor money > Increase confidence to invest IN THIS ISSUE > Reduce your risks with the right investments > Money Monitor notes
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1 Newsletter for Canada Life s segregated fund investors Summer 2010 monitor money Increase confidence to invest If you re hesitant to get back into the market, you re not alone. Some investors still feel the uncertain after effects of the recent economic downturn, and they re concerned about any further erosion of savings. However, markets are recovering. Investor confi dence is growing, but many have money on the sidelines in either cash or cashable short-term investments like money market funds, guaranteed interest certifi cates, and low interest rate bank accounts. Many investors are essentially sitting out of the market in an effort to protect their capital from loss. Unfortunately they re also limiting growth potential by being in investments that have either no or low rates of return. Even at the best of times, these investments barely keep up with infl ation. IN THIS ISSUE > Increase confidence to invest > Reduce your risks with the right investments > Money Monitor notes Historical segregated fund money market returns 1 (more ) 1 Source: Morningstar CAN Canadian Money Market Segregated Fund returns, as at December 2009
2 GIC and daily interest savings accounts also limit growth potential. GICs may be important planning products but do not usually meet the needs for longer term planning. Historical average guaranteed interest certificates (GICs) rates 2 and daily interest savings account rates 3 1-year average rate 3-year average rate 5-year average rate 1-year GIC 0.40% 1.79% 1.81% 3-year GIC 1.52% 2.44% 2.45% 5-year GIC 1.95% 2.75% 2.84% Daily interest savings account 0.23% 0.36% 0.49% 2 Source: historical GIC rates from Jan. 1, 2004 to Dec. 31, Source: Bank of Canada, Department of Monetary and Financial Analysis, January 1989 to December 2009 Former Bank of Canada governor David Dodge reports many Canadians are unaware of the high savings levels they need for their retirement years. We estimate that most Canadians, should they wish to retire at age 65 and replace 70 percent of their working incomes, will need to save from 10 to 21 percent of their pre-tax earnings every year, if they save for 35 years. C.D. Howe Institute study: The Piggy Bank Index: Matching Canadians Saving Rates to Their Retirement Dreams By David A. Dodge, Alexandre Laurin and Colin Busby, March 18, GICs offer excellent value for investors with low tolerances for market risk and who have shorter- or fi xed-term planning needs. GICs guarantee fi xed returns and protect assets from a loss of capital. Risk associated with avoiding the markets Little or no return in a portfolio can mean running out of income during retirement a concerning prospect for most. We re currently in an unprecedented time in history where the number of years people work can be equal to the number of years they re expected to be in retirement. When employed, people are working for their money. In retirement, people want their money to work for them. Investors trying to build their investment assets, through cash or cashable short-term investments, might need to save almost every dollar they earn during their working years to fund their retirement. This is likely an unworkable strategy. The Canada Life Assurance Company Newsletter for segregated fund investors: Summer 2010
3 Reduce your risks with the right investments It s important you re comfortable with your plans. It takes the proper plan to protect your savings and retirement income. There are ways to structure your investments so you can access growth and reduce risks. Consider the following groups of people. You may fall into one of these groups years from retirement Grow and protect your savings You want to save for retirement, grow your assets, and protect the assets you ve already built up. Maturity guarantees can improve confidence Segregated fund policies are insurance products that provide up to 100 per cent maturity and death benefit guarantees while providing access to market returns. This means up to 100 per cent of the money you put into the policy can be guaranteed to you upon the maturity of the policy or on death 4. Investors can also use optional resets to capture market gains and protect against any market downturns. By moving assets into segregated fund policies, you can access this protection on your existing assets. If you save regularly, you can contribute to segregated fund policies through a range of pre-authorized chequing (PAC) plan options. With PACs, you make a commitment to your future by setting up regularly occurring contributions to your investments. 0 years to between 10 and 15 years from retirement Protect your future retirement income When you re younger, you have a greater number of years to work and build up your savings. If you have many years left to earn and save, you can be relatively aggressive and accept some market risk. This is because you have the time and future earning potential to recover if markets experience a downturn. As you near retirement, your future income potential declines. And with the right planning your savings are substantial. Canada Life offers a new way to protect you in the years leading up to retirement 0 to 10 years before retirement is sometimes referred to as the retirement risk zone, as illustrated in the chart on the following page. 4 Please see the Canada Life segregated funds information folder for details.
4 Transfer some of the risk Transfer some income risk to the lifetime income benefi t option The Canada Life lifetime income benefi t option can be added to a segregated fund policy to protect your future income in the event of poor markets. If you re sitting on the sidelines, this new option may present an attractive alternative to low-return investments. The segregated fund policy provides access to the growth potential of the market; the lifetime income benefi t option can create certainty of income for the future. While not the right solution for everyone, and typically only for a portion of one s portfolio, the lifetime income benefi t option can effectively transfer some of your income risk to Canada Life. Canada Life then guarantees a level of income for life in exchange for a monthly fee that comes from the balance of your policy. The lifetime income benefi t option helps protect from the negative effect of market declines, but also allows you to potentially grow your assets with funds holding up to 70 per cent of assets in equities. The income risk transfer strategy is not for long-term accumulation. It s a retirement-income-planning strategy. It can be appropriate if you re actively talking about and planning for retirement or have a mandatory retirement date approaching and a guaranteed income need. Still in savings mode but thinking about the future? Invest in a Canada Life segregated funds policy today, and then add income protection with the lifetime income benefi t option later, when your retirement plans become more concrete. Some of the key features of the lifetime income benefi t option include: Deferral bonuses if you don t immediately need to draw an income, this feature provides a fi ve per cent nominal deferral bonus every year until withdrawals are made or you start income from the policy. This bonus is used to determine income. It is not a cash bonus. Income resets create the potential for guaranteed lifetime income payments to increase based on market performance. The fi ve-to-10 years prior to retirement is the most effective time to add the lifetime income benefi t option. This time the retirement risk zone represents an important risk to your future income. It s important to regularly review your savings and retirement expectations with your advisor*. Your advisor can help you put a plan in place to meet both your short and long-term needs. 5 Excess withdrawals will decrease the lifetime income amount and you will no longer be eligible for any future bonuses. An excess withdrawal is a withdrawal that exceeds an annual guaranteed income amount.
5 Strike the right balance Article provided by Balanced funds have a risk/return profile somewhere between equities and bonds. Equities provide the potential for higher returns through capital appreciation, but can also add volatility to returns. Bonds provide some stability through a steady income from interest payments. Having said this, stocks can provide income from dividends, while bonds, depending on changes in credit spreads or interest rate levels, can produce both capital gains and losses. Balanced funds take a similar approach to that of pension funds they expose clients to all the necessary components of a globally diversified portfolio. Balanced funds provide an ideal alternative for investors seeking additional investment options who have traditionally only been invested in guaranteed investment certificates (GICs) or fixed term deposits. The theory behind a balanced approach is that it combines equities (domestic and foreign) with bonds. Certainly, the last few years have proven the benefits of such diversification. While these benefits are obvious, a less-acknowledged advantage of a balanced approach is the discipline it provides many investors. When evaluating a balanced fund, you need to understand how the investment manager adds value. Your advisor can help. What s the long-term strategic asset mix? How much and how often does the investment manager change the asset mix? The larger the shifts in the asset mix, the higher the unpredictability of returns in comparison to the long-term asset mix. As is often the case with life, when you seek balance, you have the potential to achieve stability. The commentaries on the company-specific information and purchases and sales were provided by Laketon. Canada Life will not be liable for any loss or damages whatsoever, whether directly or indirectly incurred, arising out of the use or misuse or errors or omissions in any information contained in this newsletter. The data provided in this commentary is for information purposes only, and except where indicated otherwise, is current as of April 30, 2010.
6 Money Monitor notes Lifetime income benefit guaranteed income for life In October 2009, Canada Life introduced new segregated funds policies with the lifetime income benefit option. The lifetime income benefit option has features and guarantees to fulfill retirement income needs: Guaranteed lifetime income at any age (starting at age 50) Guaranteed lifetime income to any age Income you receive can increase the older you become. It can also increase before and after income begins. Maturity and death benefit guarantees Access to assets ** For more information on Canada Life segregated funds policies plus the lifetime income benefit option a powerful combination see the lifetime income benefit website at lifetimeincome.canadalife.com. ** Excess withdrawals will decrease the lifetime income amount and you will no longer be eligible for any future bonuses. An excess withdrawal is a withdrawal that exceeds the annual guaranteed income amount. Rates of return available online or through your advisor You can access current rates of return online at through fund facts. Alternatively, you may obtain hard copies from your advisor. Audited 2009 financial statements available To obtain a copy of the annual audited financial statements, call our Client Service Centre at Harmonized sales tax (HST) Effective July 1, 2010, expenses charged to investment funds will be subject to HST in Ontario, British Columbia, Nova Scotia, New Brunswick and Newfoundland and Labrador, and GST elsewhere. Fees and other expenses paid by funds will be subject to tax at a blended rate based on the proportion of fund units held by clients in each province and will be reflected in the net unit value of the fund. A description of the key features of the segregated fund policy is contained in the information folder. Any amount that is allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value. * In Quebec, advisor refers to a financial security advisor for individual insurance and segregated fund policies; and to an advisor in group insurance/annuity plans for group products. For more information about Canada Life and its products visit or talk to your advisor. The Canada Life Assurance Company, 330 University Avenue, Toronto, ON M5G 1R8 Helping people achieve more MCC# Canada Life and design, Helping people achieve more and Canada Life Generations are trademarks of The Canada Life Assurance Company /10
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