An annuity is a contract purchased from an insurance company which provides guaranteed regular payments, which continue to be paid for life. There are several types of Registered Annuities.

Registered Annuities are purchased with money accumulated in registered plans such as Registered Pension Plans. The lump sum value of your registered plan is converted into an annuity before tax. Only the payments you actually receive are added to your taxable income.

• A life annuity guarantees an income you cannot outlive
• A joint life annuity provides guaranteed income throughout your and your spouse's lifetime
• A life annuity is the best option if you want total security throughout your lifetime
• There are no investment decisions to make
• Under a life annuity, you cannot alter payment amounts or terms of the annuity once payments have commenced