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Annuity Formula

Annuity Formula



The following are some factors that actuaries use to determine how your life annuity income is calculated.


The Annuity Formula is based on:


1. Sex

The gender of the annuitant.


2. Date of Birth

The date of birth of the annuitant


3. Mortality Tables

The life expectancy of the annuitant(s).


4. Short and Long Bond and Interest Rates


5. Annuity Type

Which type of annuity is being purchased? Single or a joint life annuity.


6. Fund Type

The source of funds that are to be used to buy the annuity. This could be Non-Registered or Registered ( RRSP, RRIF, RPP, Locked-in RRSP, DPSP)


7. Premium Amount

The amount of the single premium.


8. Guarantee Period

The guarantee period allows you to enter the number of years and months the annuity is guaranteed.


9. Purchase Date

When the insurance company can expect to receive the premium for the annuity.


10. Income Start Date

The date that the first annuity income payment is to be made.


11. Payment Frequency

The number of times per year the annuity is to be paid. Typically monthly or annual payments are made.


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