Performance Annuity. with Standard Life. Your guide to. Investment Solutions

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1 Investment Solutions Your guide to Performance Annuity with Standard Life For insurance representative use only. This document is not intended for public distribution.

2 title Hello. Performance Annuity: more options page 4 Managing risk page 4 How Performance Annuity works page 5 2 Standard Life

3 As a professional who advises clients daily, you understand how the retirement income market has changed and will continue to change in the future. The first wave of baby boomers is approaching retirement and the changing demographic profile in North America will create a retirement market boom. Different needs heading into and during retirement demand a custom solution. As a retirement market leader, Standard Life has the expertise and product shelf to help you build a custom solution for your clients and adapt it to their changing needs throughout the various stages of retirement. Something for everyone: 4 profiles page 6 Customize Performance Annuity for even more options page 8 What is an AIR? page 10 Standard Life 3

4 Options Performance Annuity offers your clients more options With Standard Life s Performance Annuity, your clients can take advantage of a combination of a guaranteed base income and a variable portion. The fixed portion gives them the security of guaranteed income for life. The variable portion gives them the possibility to grow their income since this portion of the Performance Annuity is based on the performance of selected leading indexes. Now, to help you reach more clients, Performance Annuity is available on a registered and non-registered basis. Managing risk The client s choice of investment strategy depends on their attitude toward two risk factors: Investment risk Some people are risk averse. They prefer the safest route to investing with the most guarantees, while others are willing to assume a measure of risk for the potential for increased income. Risk of outliving assets Given today s longer life spans, a growing number of Canadians are concerned with outliving their assets a concern shared by the Society of Actuaries and leading academics. Then again, clients may be prepared to assume this risk, giving up the advantage of pooling offered by life annuities in order to potentially maximize the estate for their heirs. The advantage of pooling Insurance companies pool the mortality risk of annuitants. In other words, those who die earlier cross-subsidize those who live longer, therefore the insurance company can boost the amount of income it pays. Over the course of the year that a male is 65 years old, this is equivalent to adding about 1% to the investment return on the underlying assets. In his 80 th year, this amounts to roughly 5%. 1 1 Moshe A. Milevsky a tenured finance professor at the Schulich School of Business at York University and the Director of the Individual Finance and Insurance Decisions (IFID) Centre at the Fields Institute in Toronto. 4 Standard Life

5 How it works How does Performance Annuity work? Standard Life offers four simple pre-determined profiles you can offer your clients: Conservative, Moderate, Growth and Aggressive. Each profile combines a fixed base income and a variable portion offering the potential for increased income. Or, you can also create a customized Performance Annuity for your clients. The fixed portion is the guaranteed base amount, while the variable portion is the amount that will fluctuate according to the performance of the selected investment options. The annuity can be payable for your client s or their spouse s lifetime, depending on the type of annuity chosen. Little by little, the world is changing People are living longer: Medical advances and healthier lifestyles are pushing life expectancy to new highs and people are living longer. For example, a 65 year-old man has a 33% chance of living past age 90 and this increases to 44% for a 65 year-old woman. For a couple, the probability that one of them will live past age 90 is 63%. 2 The result: More and more investors will outlive their assets. 2 Society of Actuaries Annuity 2000 Mortality Table. Choosing the right pre determined profile for your client When talking to your client, make sure to understand how important certain things as age, income needs and years left until retirement are to him/her. With the help of our Strategic Asset Allocation Questionnaire (5981), you can also assess the importance of other factors, such as personality and risk tolerance. The results will help you recommend what s right for your client s specific needs whether it s a pre-determined profile or a custom solution that you build for them. Standard Life 5

6 4 pre determined profiles Conservative Profile Diane 73 year-old widow with no children Has no health issues Concerned with outliving her limited savings Prefers non-volatile investments but still wants growth Has limited knowledge of financial products and markets Diane is looking for a simple solution. Most of her income will come from her savings. While she does have some registered funds, most of her savings are non-registered and were obtained through the sale of her home during her downsizing period. The solution Investment mix: Fixed portion 70% Variable portion 30% Canadian Equity 15% Global Equity 15% Since Diane wants to take a more conservative approach with her financial plan, but still wants growth, her advisor is suggesting the Conservative profile of Performance Annuity for her non registered assets to compliment her RRIF. With 70% of her assets in low risk, fixed investments, Diane s income is protected, while the remaining 30% in equities still gives her the potential for growth. Moderate Profile Mark and Kathryn Mark and Kathryn are aged 63 and 60, respectively They have a son, with a family of his own, who is financially stable Both enjoy working part time Have assets set aside for a basic retirement Mark and Kathryn are easing into their retirement and are willing to allocate a portion of their investments into equities to possibly increase their income. The solution Investment mix: Fixed portion 60% Variable portion 40% Canadian Equity 20% Global Equity 20% Since they re slowly entering their retirement, Mark and Kathryn are not big risk-takers. They are not concerned with leaving money for their son, and want to continue participating in the equity market for future potential growth. Their advisor is recommending the Moderate profile of Performance Annuity: the 40% invested in equities gives them the opportunity to increase their income and the 60% in fixed income provides a safety net. 6 Standard Life

7 4 pre determined profiles Growth Profile Michael Single 58 year-old with his own business Plans to sell his business and retire soon Has limited registered assets Significant amount of non-registered assets in GICs Michael plans to retire soon and understands that he has to start planning now if he wants to enjoy a comfortable retirement. He will receive a modest amount of money from the sale of his business and is willing to risk a fair portion of this money for potential long-term growth. The solution Investment mix: Fixed portion 40% Variable portion 60% Canadian Equity 30% Global Equity 30% In his retirement plan, Michael s advisor suggests including a deferred non-registered Performance Annuity in order to lock in today s mortality rates. The 60% in equities gives him potential for market growth while the 40% in fixed income provides him with income protection making the Growth profile right for him. Aggressive Profile Robert and Anne Both aged 50 Financially sophisticated Comfortable with assuming risk with their capital Now in their peak earning years, Anne feels secure enough to stop working, but she still wants a monthly income to replace her salary so she can cover personal expenses. Since they have a large nest egg, from both having maximized their RRSPs and non-registered investments, Robert and Anne can handle a level of risk with their portfolio. The solution Investment mix: Fixed portion 25% Variable portion 75% Canadian Equity 37.5% Global Equity 37.5% Robert and Anne are not thinking about retirement just yet, but Anne does not want her lifestyle to change. Anne would like to stop working now, but still wants a guaranteed income, so their advisor believes the Performance Annuity would work well for them. The 75% in equities will maximize the potential for growth over the long term and, as they both approach retirement, they can revisit their strategy simply by increasing their fixed income portion. Standard Life 7

8 Custom Performance Annuity Characteristics of our pre determined profiles Fixed Anticipated Investment Return (AIR) For each of the four Performance Annuity profiles, the Anticipated Investment Return (AIR) is set at 5%. In short, the AIR is used to determine the initial variable portion of the annuity payment. See What s an AIR? for a complete description. Pre-selected investment options To maximize the growth potential, the annuity income s variable portion is based on the performance of the following two investment options: Canadian Equity Index S&P/TSX Composite Index 3 Global Equity Index MSCI World Free Net Index No Management Expense Ratios (MERs) are deducted so your clients get the benefit of the full investment return of the indexes. Building a custom Performance Annuity If our pre-determined profiles don t meet their needs, you and your client can choose from among five investment options in order to build a custom-made Performance Annuity. The annuity can be made up of a fixed and variable portion or it can be 100% variable. If your client is looking for a guaranteed base income, then the annuity should contain a fixed portion. The variable portion will increase or decrease according to fluctuations in the investment options chosen. You can later switch the investment mix to respond to market conditions or to adjust to your client s changing circumstances. There is a limit of two free switches per year; we reserve the right to charge thereafter. The fixed portion of the annuity payment can always be increased but it cannot be decreased. 3 The Global Equity Index is denominated in Canadian dollars; therefore there is an exchange rate risk. Also, U.S. equities are included in the Global Equity Index. 8 Standard Life

9 Custom Performance Annuity Standard Life 9

10 Definition of an AIR What s an AIR? The Anticipated Investment Return (AIR) is the investment return your client anticipates when establishing a Performance Annuity policy. For a customized Performance Annuity, there is a choice of four AIRs: 0%, 3%, 5% or 6% and this rate is used to determine the initial payment of the variable portion of the Performance Annuity. The higher the AIR, the higher the starting variable income. However, a higher AIR reduces future growth potential. The variable portion of future payments depends on the returns of the investment options chosen and the selected AIR. The example below shows how your client will encounter one of three situations. Example: Your client receives annual payments and has chosen an AIR of 3%. Actual investment return is... Their variable income... same as the AIR (3%) remains the same higher than the AIR (7%) goes up (by about 4%) 4 lower than the AIR (2%) reduces (by about 1%) 5 In summary, a higher AIR gives a higher starting variable income but reduces future growth potential. Investment options Money Market Index DEX 91-Day Treasury Bill Index Canadian Bond Index DEX Universe Bond Index Canadian Equity Index S&P/TSX Composite Index U.S. Equity Index S&P 500 Total Return Index Global Equity Index MSCI World Free Net Index A $5,000 minimum deposit per investment option is required for a custom Performance Annuity. No Management Expense Ratios Your clients get the benefit of the full investment return of the selected indexes no MERs are deducted. 4 (1.07/1.03-1) x 100 = 3.88% 5 (1.02/1.03-1) x 100 = -0.97% 10 Standard Life

11 Adapting to your clients needs Adapt Performance Annuity to your clients changing needs Whether your client has selected a profile or a custom Performance Annuity, you can always adjust the annuity as your client s income needs and aversion to risk change, simply by: Increasing the fixed portion of the annuity Modifying the investment mix Changing the AIR Little by little, the world is changing The greying of the baby-boomers 6 : In 2000, almost 1 out of every 8 Canadians was aged 65 and older. By 2010, the 65+ age group will be the fastest growing segment in Canada. By the end of the year 2025, 1 out of every 5 Canadians will be a senior. Bottom line: Government pensions won t be able to keep up stimulating greater demand for innovative retirement products. 6 Statistics Canada Standard Life 11

12 Features & benefits Features & benefits of Performance Annuity Minimum single premium $25,000 total for fixed and variable portions Annuity types Single or joint life annuity Guaranteed period available Joint life annuity: on primary or first death, the income continues in full or at a reduced amount 7 Enriched Annuity offered on a single or joint life basis Guaranteed period available Term certain annuity (to age 90 for registered annuities) Payment Monthly, quarterly, semi-annual or annual payments deposited directly to policyholder s bank account. Payments can be converted to U.S. dollars and deposited directly to policyholder s U.S. bank account. Snowbirds can receive their payments in their bank account in Canada in Canadian dollars or their bank account in the U.S. in American dollars. The fixed portion of the payment can be level, increasing or indexing to CPI (for custom Performance Annuity only). Taxation Registered: All income payments are fully taxable Non-registered: Income payments are taxable on a non-prescribed basis 7 Standard Life s impaired annuity 12 Standard Life

13 Features & benefits Death benefit Before the annuity commencement date For the fixed portion of the annuity payment, policyholder s premium plus accumulated interest is paid to the beneficiary For the variable portion of the annuity payment, policyholder s premium plus positive investment return is paid to the beneficiary For joint life annuities, in the event of the death of one of the annuitants, the annuity is converted to a single life annuity After the annuity commencement date (for Performance Annuity with a guaranteed period only) For registered single life annuities, payments continue to the spouse until the end of the guaranteed period, or a lump sum is paid to another beneficiary For non registered single life annuities, a lump sum is paid to the beneficiary For joint life annuities, if both spouses dies within the guaranteed period, a lump sum is paid to the beneficiary Additional benefits Option to change the investment mix, giving greater control Possibility to adjust the AIR, up or down, so that income payments can be adapted to changing needs Increase the fixed portion at any time, allowing your clients to lock in more favorable annuity rates for a higher guaranteed base income or to further reduce risk as they get older 8 Creditor protection may be available in certain circumstances with a preferred class beneficiary designation 9 Opportunities to Bypass Probate Fees and Delays upon death, if a beneficiary other than the estate is named 8 Since there are some circumstances where creditor protection may not apply, it is recommended that policyholders consult a legal advisor to find out if they are eligible for this kind of protection. 9 Not applicable in Quebec as notarial wills do not need to be probated by the court and, for holograph wills and wills made in the presence of witnesses, probate fees are minimal. Standard Life 13

14 Comparison Conventional Annuity vs. Performance Annuity Conventional Annuity Performance Annuity Can t outlive assets The advantage of pooling Offers a level base income Potential for long term growth Investment control and flexibility Little by little, the world is changing Today s savvier investor: Baby boomers are avid market watchers. They have more invested in the markets than any other generation and they re far more demanding than ever before. Bottom line: Today s investor is more knowledgeable and more receptive to market based products. 14 Standard Life

15 Resources Resources to help you better serve your clients We know you want to give your clients the best possible service and we want to do the same for you. You can count on us to provide everything you need to advise your clients. Advisor Source Advisor Source contains all the materials and tools to help you sell our products including Performance Annuity. To find everything you need, go to: Sales support For more information on Performance Annuity, or to obtain printed copies of the marketing material, contact your sales office or one of our regional centers. Western Region Central Region Eastern Region Standard Life 15

16 title Retirement Investments Insurance Talk soon. The variable portion of the Performance Annuity premium is invested at the risk of the policyholder. Payments are made for as long as the policyholder is alive. In addition, if the policyholder selected a guaranteed period, payments will be made at least until the end of the guaranteed period. However, the amount of the variable portion of the payments is not guaranteed and will increase or decrease according to fluctuations in the investment options chosen. DEX does not sponsor, endorse, sell, promote or make any representation, warranty or condition regarding the advisability of investing in the Product. S&P and S&P 500 are trademarks of the McGraw-Hill Companies, Inc. TSX is a trademark of the Toronto Stock Exchange. These marks have been licensed for use by Standard Life. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor s or the Toronto Stock Exchange and neither party makes any representation, warranty or condition regarding the advisability of investing in the Product. MSCI, Morgan Stanley Capital International, and the MSCI index names are service marks of Morgan Stanley Capital International Inc. and its affiliates and have been licensed for use by The Standard Life Assurance Company. This Product is not endorsed, sold or promoted by Morgan Stanley Capital International. Nor does Morgan Stanley Capital International make any representation regarding the advisability of investing in this Product. The Standard Life Assurance Company of Canada October Standard Life 4771E

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