Annuity Rates for Former Nortel Employees

By Ivon T Hughes
Nortel Networks
Figure 1. Nortel Networks

Preface

For approximately 20,000 Canadian pensioners and former employees of Nortel Networks the long wait is over and you can start to receive your monthly income from your Nortel Pension Plan. On May 12, 2015, the Ontario Superior Court released a decision requiring the allocation of assets from the sale of Nortel's business and intellectual property be distributed based on a pro rata approach for the Nortel Pension Plan Windup.

Nortel Annuity Rates

Canadian pensioners, retirees and disabled employees, are to receive a fair and equitable payment of their claims as the Canadian Creditor's Committee (CCC) also advocated pro rata as the most equitable allocation method.

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Nortel Planner: Estate Planning Guide

Annuity Rates for June 3, 2015

Monthly income based on a premium of $100,000.00 of funds. Payments will commence in one month with a no guarantee period.

male Male Annuity Rates

Company Age in Years
55 60 65 69 70 75 80
BMO Insurance 404.90 454.94 526.91 598.31 619.79 749.40 983.91
Canada Life 420.49 457.84 531.38 597.05 625.72 n/a n/a
Desjardins Fin. 409.04 461.71 533.15 607.64 629.12 738.69 868.64
Empire Life 407.95 452.74 513.67 577.84 596.24 704.83 n/a
Great-West Life 420.49 457.84 531.38 597.05 625.72 n/a n/a
London Life 420.49 457.84 531.38 597.05 625.72 n/a n/a
Manulife 425.18 460.24 517.63 579.83 603.24 730.21 953.95
RBC Life Insurance 397.18 451.82 526.72 602.10 623.08 746.57 985.02
Standard Life 410.47 457.33 522.42 591.72 611.93 742.36 912.45
Sun Life Assurance 393.35 450.04 534.77 609.12 631.52 749.15 930.07

female Female Annuity Rates

Company Age in Years
55 60 65 69 70 75 80
BMO Insurance 374.12 413.92 470.32 524.68 541.28 634.66 809.37
Canada Life 408.15 431.98 477.55 531.30 555.26 n/a n/a
Desjardins Fin. 369.49 411.68 468.54 528.97 546.86 639.84 773.64
Empire Life 380.32 415.35 463.49 515.95 531.60 630.83 n/a
Great-West Life 408.15 431.98 477.55 531.30 555.26 n/a n/a
London Life 408.15 431.98 477.55 531.30 555.26 n/a n/a
Manulife 404.28 434.77 475.44 520.82 539.14 638.44 794.64
RBC Life Insurance 356.29 394.99 451.63 513.18 530.90 650.00 807.63
Standard Life 391.50 428.99 479.89 534.55 550.88 654.30 806.36
Sun Life Assurance 367.10 412.54 476.82 540.18 559.05 661.08 810.88

malefemale Joint Annuity Rates

Company Age in Years
55 60 65 69 70 75 80
BMO Insurance 340.60 371.45 415.60 457.47 470.29 541.35 674.07
Canada Life 360.45 379.98 427.35 468.46 484.91 n/a n/a
Desjardins Fin. 336.91 370.53 415.72 463.40 477.35 545.52 660.47
Empire Life 353.64 380.46 417.20 456.87 468.62 542.65 n/a
Great-West Life 360.45 379.98 427.35 468.46 484.91 n/a n/a
London Life 360.45 379.98 427.35 468.46 484.91 n/a n/a
Manulife Investments 356.38 379.87 411.78 445.42 459.84 529.27 646.56
RBC Life Insurance 319.41 352.36 397.82 445.45 457.75 540.73 662.76
Standard Life 354.91 383.69 422.72 464.31 476.58 554.63 663.44
Sun Life Assurance 330.81 370.02 430.64 474.14 489.75 562.16 676.35

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Life Annuity QuotesHere is an example of a typical quote you can expect to receive. It includes all the available annuity rates from all the Canadian insurance companies that sell life annuities in Canada.

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Your Nortel Pension Plan Tailored to You

Your personal pension package will be tailored to your specific pension entitlement. It will explain the options available to you which include a life annuity or annuities or a lump sum transfer. All pension information to help you make the best choice will be included and will be dependent on whether you are a retiree or a deferred pensioner.

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Ivon T Hughes

About the Author

Ivon T. Hughes

Ivon T Hughes is a leading expert in life annuities in Canada. His website LifeAnnuities.com is a recognized authority on annuities. He's also an established insurance and investment broker, through The Hughes Trustco Group since 1972. Recently, he's been redefining how annuities are sold in Canada.

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For a joint life annuity (if required).