The Canadian Retirement Savings Market, Market Trends and Future Prospects for Registered Retirement Savings Plans

Transcription

1 The Canadian Retirement Savings Market, 2012 Market Trends and Future Prospects for Registered Retirement Savings Plans Topics to be Covered Include: Market Size & Growth Market Shares by Sector Market Segments Market Trends Demographic Analysis Self-Directed Plans Group Plans Pension Conversion to LIRAs Impact of New Competition Post-Retirement Products (RRIFs, LIFs, Retirement Annuities) Impact of New Contribution Limits, TFSAs & Other Market Changes Growth Projections to 2022 Strategies for Growing Your RRSP Business Revenue Improvement Template for Retirement Savings Plans

2 The Canadian Retirement Savings Market 2012 After fifty years of impressive growth the RRSP market has entered a period of change as a result of direct competition from the recently introduced TFSAs, as well as potential competition from new pension plan programs. While many Canadians, particularly seniors and those approaching retirement, are finding the new TFSA a more attractive vehicle for new savings, the flow of new money into RRSPs has not yet been materially impacted. Canadians still contributed over $33 billion of new money to RRSPs during the 2011 contribution year, as well as adding a further $5 billion from special contributions such as Retirement Allowances and transfers from Registered Pension Plans. The level of RRSP contributions has been maintained in spite of only poor to modest investment returns in the majority of RRSP accounts over the past five years. There are still over 40% of RRSP holders whose accounts have not recovered to the levels of 2007/early 2008, despite the addition of new money in many cases. Our analysis of the new TFSA market indicates it will grow at much faster rates than the RRSP market over the next decade. However, the large pool of existing Registered Retirement Assets (over $800 billion in early 2012), coupled with a continuing annual inflow of over $35 billion of new contributions, ensures that the pool of RRSP assets will continue to grow for years to come. With the exception of the market meltdown in 2008, the RRSP asset pool has been a haven of stability and regular profit growth for financial institutions. Following the market recovery in 2010 and 2011, the RRSP asset pool is back on a growth track. Many of the large financial businesses servicing this market have between 25% and 50% of their personal client savings and investment assets in Retirement Savings accounts. It is a core market and delivers a significant portion of retail market profits for most of the major participants in this business. Is your business capturing its fair share of this new money? How are you doing relative to the other companies in your segments of the market? Are you positioned to deal with the trends impacting this market? How significant are RRSPs to your overall business? Analytica s regular Retirement Savings Market Analysis Report is the only comprehensive source of up-to-date market intelligence and growth projections for the RRSP and post-rrsp products marketplace, and is an essential tool for understanding your current market position and future prospects in this $15 billion revenues marketplace. Analytica s report provides detailed segmentation of the market, including ten year market share data, by product category, for the following sectors of the market: Banks and Trust Companies Credit Unions/Caisses Populaires Life Insurance Companies Independent Investment Fund Managers Investment Dealers (independent and bank-owned) Independent Financial Planners The new 2012 report will provide a comprehensive and up-to-date analysis of the factors impacting growth in the Registered Retirement Savings pool, and the various fast growing segments of the market, including Self-Directed Plans, Locked-in Retirement Accounts (LIRAs), Group RRSPs, and the various post-rrsp products. While growth has slowed considerably since the 1980 s and 1990 s, the retirement savings business is still a growth market in a slow growing world. Analytica s market analysis and growth projections will allow you to make realistic revenue projections for the various segments of the RRSP market that you participate in, and assist you in developing appropriate marketing programs. For a better understanding of report content, download a copy of the Executive Presentation from the previous 2009 report from our website: For more information on this new report, or answers to questions, contact Colin Deane in Toronto at

3 Will You Get Value from the Report? Our objective in developing this comprehensive new 2012 analysis of the RRSP market is to provide a detailed, up-to-date base of market data that you can use to improve your market performance and profitability in those segments of the Registered Retirement Savings market that you operate in. By using the Revenue Improvement Template included with the report, most financial institutions will be able to identify where they have strong positions in the market, and where they are not winning their fair share of the available business. The track record for the RRSP market projections developed by the author over the past twenty years is excellent. You can use the market projections with confidence to estimate future RRSP and post-rrsp revenues, assuming you maintain your existing market share, or adjusted to allow for increases or decreases in market share in specific segments of the market. Download a complimentary copy of the Executive Presentation from our previous report from the Analytica web site: Analytica s report provides the only comprehensive source of market data on the Canadian Registered Retirement Savings Plan market. We are able to do this by collecting confidential data from virtually all of the significant players in this market. No individual company can acquire the confidential company data from its competitors that we use to develop the market size by sector data. Most companies can make effective changes to their advertising and promotion expenditures, and refine their marketing programs, based on the knowledge gained from our reports. For example, you can probably achieve the same market performance with a 10% reduction in advertising expenses, or improve your market share by better allocating your overall marketing and promotion dollars to the segments where you have the best prospects for success. Few companies are actually reviewing their overall RRSP businesses, but continue to manage this very significant contributor to profits on a separate business line basis that does not allow for optimizing performance. If you think you are allocating adequate resources to the analysis of your RRSP market performance and to developing business plans for this market, you may wish to review this in light of the steady swing of personal financial assets into tax-sheltered accounts (including the new TFSA accounts). With more and more of the pool of wealth management assets held in registered accounts you need to be successful in these markets to maintain your share of overall retail savings and investment revenues and profits. By using the multiclient approach, each individual subscriber company pays a small fraction of the cost of developing this analysis. You cannot even acquire the available published or special tabulation data from Canada Revenue Agency, Statistics Canada, and other sources, for the cost of an individual company subscription to this report. There are no published data sources (either free or subscription) for the selfdirected RRSP segment of the market, which has grown rapidly over the past fifteen years and became the largest segment of the RRSP market during Similarly, there is no published data on the RRIF and LIF markets, other than for the life insurance sector. The Analytica database is the only source of up-to-date information on these high growth segments of the market. Our analysis indicates that many participants in the RRSP market are operating in this business without the information that tells them how big the market really is, how fast the various segments are growing, and what are the likely growth rates for their lines of business over the coming decade. The market projections in the previous report indicated that companies that maintain their market share in the overall Registered Retirement Savings Market will be able to double their profits from this market over the coming decade. There are not many other large markets in Canadian financial services where this is a realistic expectation. Use our market analysis to turn this into reality. For a preview of the prior report, or for answers to your questions regarding this new 2012 analysis of the retirement savings market, contact: Colin Deane Tel: colin.deane@analytica.ca 3

4 Table of Contents 1. EXECUTIVE SUMMARY RRSP Contributors & Contributions RRSP Market Sectors & Segments RRSP Market Dynamics RRSP Conversions & Withdrawals Post-Retirement Products Outlook for Retirement Savings Plans Retirement Savings Growth Projections Strategies for Market Growth 2. RRSP CONTRIBUTORS & CONTRIBUTIONS History of the RRSP Market RRSP Contributor Growth Regional Distribution of RRSP Contributors Trends in RRSP Contributors by Age RRSP Market Penetration Market Penetration by Age & Income RRSP Contributions Growth Regional Distribution of RRSP Contributions Average RRSP Contributions RRSP Contributions by Age Group RRSP Contributions by Income Group Contributions by Age & Sex RRSP Contributor Profile by Occupation Size of RRSP Contributions Trends in RRSP Contribution Size RRSP Special Contributions 3. RRSP MARKET SECTORS & SEGMENTS Savings & Fixed Term Products Bank & Trust Sector Credit Unions/Caisses Populaires Life Insurance Companies Investment Funds Mutual Fund RRSPs Mutual Funds in Self-Directed Accounts RRSP Share of Mutual Fund Market Segregated Funds Self-Directed RRSPs Market Size & Share Trends Investment Mix in Self-Directed Accounts Group RRSPs The Group RRSP Market Life Insurance Sector Group RRSPs Potential for Group RRSPs Projected Growth for Group RRSPs Locked-in Retirement Accounts (LIRAs) RRSP Market Shares by Product RRSP Market Shares by Sector & Product Bank & Trust Companies Credit Unions/Caisses Populaires Life Insurance Companies Investment Fund Managers Investment Dealers Financial Planners Canada Savings 4. RRSP MARKET DYNAMICS RRSP Contribution Room Available Percentage of RRSP Room Used Profile of Maximum RRSP Contributors Frequency of RRSP Contributions Retirement Plan Share of Personal Savings Internal Growth in Pool of RRSP Assets RRSP Loans RRSP Account Size Regional Distribution of RRSP Assets Trends in RRSP Share of Revenues Bank & Trust Sector Credit Union/Caisse Populaire Sector Investment Funds Sector Insurance Sector Segregated Funds 5. RRSP CONVERSIONS & WITHDRAWALS Trends in RRSP Cash Withdrawals The Home Buyers Plan The Lifelong Learning Plan Early Withdrawals Conversions to Post-RRSP Products 6. POST-RRSP PRODUCTS Market Shares for Post-RRSP Options The RRIF Market RRIF Market Size & Growth Trends RRIF Market Shares The LIF/LRIF Market LIF/LRIF Market Size & Growth Trends LIF/LRIF Market Shares Total Post-RRSP Products Market RRSP Payout Annuities 7. MARKET TRENDS Economic & Demographic Impacts Importance of Income Growth Employment Growth Increases in Financial Wealth Investment Performance Aging Workforce & Delayed Retirements Impact of Baby Boomer Retirements Alternative Long-Term Savings Choices Lifestyle Impacts on Retirement Savings New Products/Product Trends Outlook for Retirement Savings in Canada Retirement Savings Changes on the Horizon Cont. 4

5 Preliminary Table of Contents (cont.) 8. STRATEGIES FOR GROWING YOUR RRSP BUSINESS Retirement Savings Revenue Improvement Template Market Share Assessment Retirement Plan Asset Base Analysis RRSP Regular Contributions RRSP Special Contributions Financial Advice Financial Plans Transfers In and Out Number of Clients Advertising Effectiveness Improved Client Reporting Advisor Desktop Improvements Post-RRSP Marketing Third Party Distribution AUM vs. AUA Opportunities New Products Unserviced Market Segments Linkage to RESPs Housekeeping Opportunities Market Opportunity Matrix & Overall Evaluation Potential Impact from Improving Retirement Savings Profitability 9. RETIREMENT SAVINGS PLAN GROWTH PROJECTIONS RRSP Market Shares by Sector HBP & Taxable Cash Withdrawals Conversions to Post-RRSP Products RRIF and LIF/LRIF Asset Pools Post-RRSP Products Market Shares by Sector High & Low Growth Scenarios APPENDICES A. DATA APPENDIX (comprehensive support tables) B. HIGH & LOW GROWTH PROJECTIONS RRSP Products Post-RRSP Products C. PROVINCIAL MARKET PROJECTIONS Base Case High Growth Low Growth D. RETIREMENT SAVINGS REVENUE IMPROVEMENT TEMPLATE The Drivers of Growth Outlook for Numbers of RRSP Contributors Outlook for Growth in RRSP Contributions Outlook for Investment Returns in RRSP Pool Outlook for Withdrawals from Retirement Savings Pool Retirement Savings Growth Scenarios Base Case Projection High Growth Scenario Low Growth Scenario The Base Case Projections, 2012 to 2022 Contributor & Contributions Growth Average Contributions & Transfer Payments Investment Returns & Pool of RRSP Assets Market Shares & Regional Distribution of RRSP Assets RRSP Asset Distribution by Sector & Product 5

6 ANTICIPATED LIST OF REPORT TABLES TEXT TABLES Growth in RRSP Contributors, Growth in RRSP Contributions, Cumulative RRSP Contributions, Number of RRSP Contributors by Size of Contribution Growth in RRSP Special Contributions, RRSP Market Size by Type of Investment, RRSP Market Share by Sector, RRSP Maximum Contributors by Income Group RRSP Contribution Frequency over 7 Years Internal Investment Growth in RRSP Pool, RRSP Account Size Distribution, Regional Distribution of RRSP Asset Pool, RRSP Withdrawals & Conversions, Post-RRSP Products Market Share by Sector ($m), Post-RRSP Products Market Share by Sector (%), Components of New Individual Financial Wealth Accumulation, Registered Retirement Savings Growth Projections (Base Case), Retirement Savings Growth Projections (High/Low scenarios), Retirement Plan Contribution to FI Revenues, History of RRSP Contributors & Contributions, Growth in RRSP Contributions (Cumulative), Potential for Maximum RRSP Contributions Growth in RRSP Contributors, RRSP Contributors by Province Numbers of RRSP Contributors by Age Group Distribution of RRSP Contributors by Age Group (%) RRSP Market Penetration, RRSP Market Penetration by Age Group RRSP Market Penetration by Income Group Growth in RRSP Contributions, RRSP Contributions by Province Average RRSP Contributions by Province Growth in Average RRSP Contributions, RRSP Contributions by Age Group Average RRSP Contributions by Age Group RRSP Contributions by Income Group Average RRSP Contributions by Income Group RRSP Contributors by Age & Sex RRSP Contributions by Age & Sex RRSP Contributor Profile by Occupation Income & Average Income by Occupation RRSP Contribution Profile by Occupation RRSP Contributions Share of Income RRSP Eligible Share of Total Income by Occupation Size Distribution for RRSP Contributions Number of RRSP-only & Dual Contributors, by Size of Contribution Value of RRSP Contributions by Size of Contribution Number of RRSP Contributors by Size of Contribution Value of RRSP Contributions by Size of Contribution Retirement Allowance Rollovers to RRSPs, Pension Rollovers to LIRAs, Bank & Trust Sector Savings/Fixed Term RRSP Assets, Credit Union Sector Savings/Fixed Term RRSP Assets, Life Insurance Sector Savings/Fixed Term RRSP Assets, Mutual Fund Retirement Plan Assets by Fund Type, Mutual Fund Retirement Plan Market Shares by Fund Type, Mutual Fund RRSP Market Share by Type of Fund, Mutual Funds in Self-Directed RRSPs, Mutual Funds in Self-Directed RIFs/LIFs, Retirement Savings Plan Share of Mutual Fund Market, Segregated Funds in Registered Retirement Plans, Growth in Self-Directed RRSP Assets,

7 3.3.2 Profile of Self-Directed RRSP Market, Market Shares in Self-Directed RRSP Market, Mix of Investment Products Held in Self-Directed RRSPs, Market Shares for Investments Held in Self-Directed RRSPs, Market Shares for Investments Held in Self-Directed RRIFs, Growth & Market Share for Group RRSP Assets, Growth in Group RRSP Assets by Sector, Profile of Group RRSP Market, Group Share of RRSP Market, by Sector, Size of Group RRSP Market, by Sector, RRSP Assets per Group Member, by Sector, The Largest Group RRSP Providers, Life Insurance Sector Group RRSP Business, Number of Business Establishments by Employee Size, Group RRSP Market Penetration by Employer Size, Projected Growth in Group RRSP Assets, Growth in LIRA Asset Pool, Locked-in (LIRA) Share of Total RRSP Pool, Locked-in (LIRA) Growth Projections, RRSP Market Shares by Type of Investment ($ millions), RRSP Market Shares by Product (%), RRSP Market Shares by Sector ($ millions), RRSP Market Shares by Sector (%), RRSP Market Share by Sector (all bank subsidiaries), Bank & Trust Sector RRSP Product Mix ($ billions), Bank & Trust Sector RRSP Product Mix (%), Credit Union/C.P. Sector Product Mix ($ billions), Credit Union/C.P. Sector Product Mix (%), Life Insurance Sector Product Mix ($ billions), Life Insurance Sector Product Mix (%), RRSP Contribution Room Available by Income Group RRSP Contribution Room by Age Group RRSP Contribution Room by Province Growth in Unused RRSP Carry-Forward Contribution Room, Projected Growth in RRSP Carry-Forward Contribution Room RRSP Contributors by Income Group as % of Tax Filers Proportion of Contribution Room Used % of Contribution Room Used, by Income Group RRSP Maximum Contributors by Income Group RRSP Maximum Contributors by Age Group Potential for Maximum RRSP Contributions, RRSP Contribution Frequency by Income Group RRSP Contribution Frequency Summary RRSP Participation by Income Group, 7-year Period Retirement Plan Share of Personal Savings, RRSP Internal Growth, Average Annual Investment Returns, Selected Core Products, Chartered Bank RRSP Loans, RRSP Account Size Distribution, Average RRSP Account Size, Number of RRSP Accounts by Size & Type, RRSP Asset Distribution by Account Size & Type, Regional Distribution of RRSP Assets, Retirement Savings Plan Revenue Shares by Sector, Retirement Savings Revenue Estimates by Sector & Product, Retirement Savings Revenue Estimates by Product Category, Retirement Plan Contribution to Revenues, by Sector, Retirement Plan Share of Bank & Trust Deposit Assets, Retirement Plan Share of Credit Union Sector Deposit Assets, Retirement Plan Share of Investment Fund Industry Assets, Retirement Plan Share of Segregated Fund Assets, RRSP Cash Withdrawals by Income Group RRSP Cash Withdrawals by Age Group Trends in Cash Withdrawal Amounts Trends in Numbers of Cash Withdrawals Number of RRSP Withdrawals as % of Contributors Trends in Home Buyers Plan Withdrawals, Home Buyers Plan Balances & Repayments,

8 5.2.3 HBP Participants by Income Group Regional HBP Participation, LLP Participants by Income Group, LLP Participants by Age Group, Regional Cumulative LLP Participation, Trends in RRSP Withdrawals & Conversions, RRSP Withdrawals vs. New Contributions, Trends in RRSP Early Withdrawals & Maturities, Growth in Early Withdrawals & Maturities, Trends in Disposition of RRSP Maturities, Market Shares for Post-RRSP Options, Distribution of RRIF Conversions by Age at Conversion, Growth in Annual RRIF Sales, RRIF Market Size by Type of Investment ($ millions), RRIF Market Shares by Type of Investment (%), Profile of RRIF Market by Investment Type, Minimum RRIF Withdrawal Percentages, Age 69 to RRIF Market Shares by Sector ($ millions), RRIF Market Shares by Sector (%), Growth in Annual LIF/LRIF Sales, LIF/LRIF Market Size by Type of Investment ($ millions), LIF/LRIF Market Shares by Type of Investment (%), Profile of LIF/LRIF Market by Investment Type, LIF/LRIF Market Shares by Sector ($ millions), LIF/LRIF Market Shares by Sector (%), Growth in Annual Post-RRSP Product Sales, Profile of Post-RRSP Products Market by Investment Type, Post-RRSP Market Size by Type of Investment ($ millions), Post-RRSP Market Shares by Type of Investment (%), Post-RRSP Products Market Share by Sector ($ millions), Post-RRSP Products Market Share by Sector (%), Annual Sales of RRSP Payout Annuities, Pool of RRSP Payout Annuities, Employment Growth in Canada, Components of Personal Financial Wealth Accumulation, Home Buyers Plan Withdrawals from RRSPs, Retirement Plan Contribution to FI Revenues, Employment Growth & RRSP Contributor Growth, Income Growth & RRSP Contributions Growth, Expected RRSP Investment Returns Projected Growth in RRSP Contributors, Projected Growth in Regular RRSP Contributions, Projected Growth in RRSP Special Contributions, Projected Growth in HBP & Cash Withdrawals, Projected Growth in RRSP Asset Pool, Projected Growth in Conversions to Post-RRSP Products, Projected Growth in RRIF/LIF Asset Pool, Projected Growth in Total Registered Retirement Savings Pool, DATA APPRENDIX Comprehensive support tables similar to 2009 report 8

9 RETIREMENT SAVINGS MARKET ANALYSIS REPORT - DATA APPENDIX TABLES A1 History of the RRSP Market, 1957 to 2011 A2 RRSP Market Shares by Investment Type & Sector ($ millions), 2002 to 2011 A3 RRSP Market Shares by Sector & Type of Investment ($ millions), 2002 to 2011 A4 RRSP Market Shares by Investment Type & Sector (% Distribution), 2002 to 2011 A5 RRSP Market Shares by Sector ($ millions), 2002 to 2011 A6 RRSP Market Shares by Sector (% Distribution), 2002 to 2011 A7 RRSP Market Shares by Sector, including Bank-Owned Investment Dealers ($ millions & % Distribution), 2002 to 2011 A8 Self-Directed RRSP Market Shares by Sector (Assets, Number of Accounts, Average Account Size), 2002 to 2011 A9 Group RRSP Market Shares by Sector ($ millions), 2002 to 2011 A10 Group RRSP Market Shares by Sector (% Distribution), 2002 to 2011 A11 Life Insurance Sector Group RRSP Trends, 2002 to 2011 A12 Projected Growth in LIRA Asset Pool, 2012 to 2022 A13 Post-RRSP Product Market Shares by Type of Investment & Sector ($ millions), 2002 to 2011 A14 RRIF Market Shares by Type of Investment & Sector ($ millions), 2002 to 2011 A15 LIF/LRIF Market Shares by Type of Investment & Sector ($ millions), 2002 to 2011 A16 Post-RRSP Product Market Shares by Type of Investment & Sector (% Distribution), 2002 to 2011 A17 RRIF Market Shares by Sector ($ millions), 2002 to 2011 A18 RRIF Market Shares by Sector (% Distribution), 2002 to 2011 A19 LIF/LRIF Market Shares by Sector ($ millions), 2002 to 2011 A20 LIF/LRIF Market Shares by Sector (% Distribution), 2002 to 2011 A21 Post-RRSP Products Market Shares by Sector ($ millions), 2002 to 2011 A22 Post-RRSP Products Market Shares by Sector (% Distribution), 2002 to 2011 A23 Number of RRIF Accounts by Type of Investment & Sector (000 s), 2002 to 2011 A24 Number of LIF/LRIF Accounts by Type of Investment & Sector (000 s), 2002 to 2011 A25 Trends in Number of RRSP Contributors by Province (000 s), 1998 to 2009 A26 Trends in Value of RRSP Contributions by Province ($ millions), 1998 to 2009 A27 Trends in Average RRSP Contributions by Province ($), 1998 to 2009 A28 Distribution of RRSP Contributors by Province (% Distribution), 1998 to 2009 A29 Distribution of RRSP Contributions by Province (% Distribution), 1998 to 2009 A30 Number of RRSP Contributors with No PA (RRSP-Only) by Size of RRSP Contribution (000 s), 1998 to 2009 A31 Value of RRSP Contributions by Contributors with No PA (RRSP-Only) by Size of RRSP Contribution, 1998 to 2009 A32 Number of RRSP Contributors with Pension Adjustments (Dual Contributors) by Size of RRSP Contribution, 1998 to 2009 A33 Value of RRSP Contributions by Contributors with Pension Adjustments (Dual Contributors) by Size of RRSP Contribution, 1998 to 2009 A34 Total Number of RRSP Contributors by Size of RRSP Contribution, 1998 to 2009 A35 Total Value of RRSP Contributions ($ millions) by Size of RRSP Contribution, 1998 to 2009 A36 Distribution of RRSP Contributors by Province & Size of RRSP Contribution (000 s), 2009 A37 Distribution of RRSP Contributions by Province & Size of RRSP Contribution ($ millions),

10 RETIREMENT SAVINGS MARKET ANALYSIS REPORT - DATA APPENDIX TABLES (cont.) A38 Number of RRSP Contributors by Income Group & Size of RRSP Contribution (000 s), 2009 A39 Value of RRSP Contributions by Income Group & Size of RRSP Contribution ($ millions), 2009 A40 Number of RRSP-Only Contributors by Income Group & Size of RRSP Contribution (000 s), 2009 A41 Value of RRSP-Only Contributions by Income Group & Size of RRSP Contribution ($ millions), 2009 A42 Number of Dual RRSP/RPP Contributors by Income Group & Size of RRSP Contribution (000 s), 2009 A43 Value of Dual RRSP/RPP Contributions by Income Group & Size of RRSP Contribution ($ millions), 2009 A44 Number of Pension Adjustment Reporters (Pension Plan Members) by Size of PA Factor (000 s), 2009 A45 Value of Pension Adjustments by Size of PA Factor ($ millions), 2009 A46 Number of RRSP-Only & Dual RRSP/RPP Contributors by Size of RRSP Contributions (000 s), 2009 A47 Value of RRSP-Only & Dual RRSP/RPP Contributions by Size of RRSP Contribution ($ millions), 2009 A48 RRSP Contributors, Contributions & Average Contributions by Income Group, 2009 A49 RRSP Market Penetration as % of Tax Return Filers, 1990 to 2009 A50 Number of RRSP Withdrawals by Province (000 s), 1990 to 2009 A51 Amount of RRSP Withdrawals by Province ($ millions), 1990 to 2009 A52 Average RRSP Withdrawal by Province ($), 1990 to 2009 A53 RRSP Share of Mutual Fund Market by Type of Fund ($ millions), 2006 to 2011 A54 RRSP Contribution Frequency by Income Group (000 s) over7 Years A55 RRSP Contribution Frequency by Age Group (000 s), over 7 Years A56 Percentage of RRSP Contribution Room Used (None, <25%, 25-50%, 50-75%, 75-95%, 95%+) by Age Group (000 s) A57 Percentage of RRSP Contribution Room Used (None, <25%, 25-50%, 50-75%, 75-95%, 95%+) by Income Group (000 s) A58 Mutual Fund Annual Investment Returns by Type of Fund, 1997 to 2011 A59 Canadian Equity Market Investment Returns (TSE Composite & TSE Total Return Indexes), 1982 to 2011 A60 Number of Business Establishments by Employee Size Range & Region, 2011 A61 Number of Business Establishments by Employee Size Range & Province, 2011 A62 Registered Retirement Savings Market - Growth Scenarios Summary, 2012 to

11 The Canadian Retirement Savings Market Subscription cost: $10,000 (prior to June 30, 2012, payable in two installments - June/November) $12,500 after pre-subscription window HST applicable in Canada Anticipated Completion: November 2012 For further information contact: Colin Deane Director Analytica Management Consultants Ltd. 99 Crown s Lane, Suite 100 Toronto, Ontario, M5R 3P4 Tel: Fax: Download a complimentary copy of the Executive Presentation from the previous report from our web site For more information on Analytica s management consulting services and credentials Visit our web site: 11

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