Industrial Alliance has introduced new SecurOption – Lifetime Retirement Income, a new option to the company’s group retirement savings plans.
SecurOption, the new guaranteed lifetime retirement income option, is offered in the company’s group registered retirement savings plans (RRSPs) and in deferred profit sharing plans (DPSPs).
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With the new plan, members can build a guaranteed lifetime retirement income through their contributions to the group retirement savings plan by choosing the portion of the contributions to be allocated to SecurOption.
Deferred annuities are purchased periodically with these contributions to provide the members with ongoing guaranteed retirement benefits.
Industrial Alliance Group Savings and Retirement vice-president Renée Laflamme said SecurOption addresses the clients’ dire need for income security.
"More and more, our clients are looking to increase the guaranteed portion of their retirement income. Contributions to defined contribution pension plans are subject to market ups and downs and don’t give members the opportunity to guarantee their retirement income.
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By GlobalData"So SecurOption is the missing piece of the puzzle for investors who are less risk tolerant and seek more security in their plan," Laflamme added.
