Quebec City-based Industrial Alliance Insurance and Financial Services Inc. Monday announce the launch of SecurOption – Lifetime Retirement Income, a new guaranteed lifetime retirement income option that is added to its group retirement savings plans.
SecurOption is offered in Industrial Alliance’s group RRSPs and in its deferred profit sharing plans (DPSPs). It allows members to build a guaranteed lifetime retirement income through their group retirement savings plan contributions. They simply choose the portion of the contributions to allocate to SecurOption; deferred annuities are then purchased periodically with these contributions to provide them with ongoing guaranteed retirement benefits.
“SecurOption addresses our 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. So SecurOption is the missing piece of the puzzle for investors who are less risk tolerant and seek more security in their plan,” said RenĂ©e Laflamme, vice president, group savings and retirement, in a release.
The fourth largest life and health insurance company in Canada, Industrial Alliance (TSX:IAG) administers around $95 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.