One of the largest UK papers, The Daily Telegraph, has just released a report “UK retirement vs the best in the world” that says 2 important things about the annuity market in Canada. It compares various statistics from our website LifeAnnuites.com with figures gleaned from other world sources.
Firstly, like the UK but not necessarily elsewhere, pensions are directed to the purchase of annuities but also allow for drawdown products like a RRIF. An annuity guarantees you an income for all your life but a RRIF can be drawn down to zero, leaving you with no income at the end of your life. And here it is important to remember that the difference between an old man and elderly gentleman, is money.
Secondly here in Canada, annuity rates are better, possibly because annuities are issued with less bells and whistles. In the UK and elsewhere, annuity issuers can differentiate between smokers and non-smokers and those with health problems. All these procedures take time and money spent elsewhere is not available for you.