Income annuities

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Your retirement paycheque

Annuities can help you step into retirement with the certainty of a steady income stream.

Guaranteed income

Create your own paycheque for retirement and shield it from market changes.

Customizable options

Don’t settle for one-size-fits-all solutions, choose the options tailored to your life.


An income stream that can help make sure you don’t outlive your money.

What is an annuity?

An income annuity is a simple way to turn a portion of your savings into regular income – for a fixed period or the rest of your life. It’s up to you.

No matter how the markets fluctuate or how much interest rates change, you’ll continue to receive payments that can help cover your essential expenses or support your retirement lifestyle.

You can put a portion of your retirement savings, like RRSP, into an annuity. It can cover your basic needs so the rest of your money can be used to live the retirement you want – taking that dream vacation, for example.

How does it work?

  • Work with an advisor, your retirement planning partner, to determine when you want to retire and how much regular income you’ll need.
  • Make a lump-sum payment.
  • Choose to receive income payments for life or a set period of time.
  • Choose to receive income for one person or a couple.
  • Choose to receive monthly, quarterly, semi-annual or annual payments.
  • Customize your annuity with different options that fit your needs.
  • Start receiving a retirement paycheque.

Talk to a specialist about your retirement

How is your income guaranteed?

Similar to a pension plan, an annuity can be thought of as pooling money from thousands of Canadians.

  • The insurance company invests the money conservatively.
  • The company’s expertise allows it to estimate how many people in this group are likely to live beyond the average life expectancy and how many may not.
  • It’s this variability in life span, combined with conservative investments, that allows the insurance company to guarantee your income for life.

Are income annuities a fit for you?

Income annuities can be the right choice if you are:

Near or in retirement

Looking for a secure financial paycheque for as long as you live

Worried about outliving the money you’ve saved

Interested in receiving steady income regardless of how the financial markets perform

Seeking a steady income stream to cover basic expenses

In need of income until your Canada/Quebec Pension Plan (CPP)/(QPP) and Old Age Security (OAS) and employer pension begins

Willing to convert your savings into a guaranteed income stream

What types of annuities are there?

Lifetime income for you from a single-life annuity

  • Similar to a pension plan for one person  
  • Provides income payments for life  

Lifetime income for a couple from a joint annuity  

  • Similar to a pension plan for a couple  
  • Pays a regular income for as long as you or your partner lives  
  • When one spouse dies, the survivor continues to receive income payments 

Regular income for a specific period from term annuity 

  • Pays a regular income to you  
  • Provides income payments for a certain number of years, indicated by you 

Popular additional options

Take care of your loved ones

You can add a guaranteed income payment option (guaranteed period). This way, income payments will be made from your annuity to your beneficiary for a specific period (e.g. 5 years), even if you or you and your spouse/partner die.

Arrange to secure your initial investment

After your death, the person you choose as your beneficiary can receive a death benefit equal to your initial investment or continue receiving income payments, it’s up to you. If you already started receiving income while you were alive, the death benefit will be reduced by that amount.

Start receiving income when you choose

With the flexible income start date option, you can change the date your income payments begin. Starting your income later than your original date will increase the amount of those payments to you.

Access your money in cash

If you have an unexpected expense and suddenly need cash, the cashable feature lets you access some or all of your guaranteed income payments. This feature is only available with a non-registered, accrual taxation annuity. Some terms and conditions may apply.

Secure your future income with annuities