Another joke MF to support the managers IMO
C.A.R.P. Announces Partnership with Purpose Investments and Recommends Its Longevity Pension Fund as an Effective Retirement Solution
GlobeNewswire - Mon Aug 9, 8:27AM CDT
C.A.R.P., Canada's largest advocacy association for Canadians As We Age, announces its partnership with Purpose Investments, the asset management company that launched the Longevity Pension Fund (the Fund), the world's first income-for-life mutual fund, in June 2021.
The Longevity Pension Fund, which was designed to provide Canadians 65 years and older with monthly income distributions for the rest of their life, carries the trusted C.A.R.P. Recommended Seal. In conjunction with the partnership, C.A.R.P. members get an exclusive 15 percent reduction in management fees when they invest in the Longevity Pension Fund. C.A.R.P. will educate members about how the Longevity Pension Fund provides income for life to Canadian retirees through ZoomerMedia's TV, radio, print, and digital channels including VisionTV, The New Classical FM, Zoomer Radio, and Zoomer Magazine.
"For years now, I've been speaking and writing about the Great Global Demographic Shift, as populations age and life expectancies rise worldwide. In Canada, there is a more than 40 percent chance that someone turning 65 today will live past the age of 90, which provides a real risk that Canadians--especially those without defined-benefit pensions--may live longer than their retirement savings allow," said Moses Znaimer, President and Chairman of C.A.R.P. and Founder, President and CEO of ZoomerMedia. "So, after surveying the market carefully, we discovered Purpose's thoughtful approach to long-term financial planning. I believe that our members will be eager to learn about how the Longevity Pension Fund is a flexible income-for-life solution for Canadian retirees, and they might get a kick out of competing in the longevity sweepstakes with others in the Fund."
The Longevity Pension Fund is the first income-for-life mutual fund that incorporates longevity risk pooling to provide lifetime income to Canadian retirees. Similar in design to a defined-benefit pension, the Fund distinguishes itself from lifetime annuities by providing investors with the flexibility to redeem* at any time.
Anyone between 18 and 76 years old can invest in the Longevity Pension Fund. The Fund's Accumulation Class is designed for investors under 65 years old saving for retirement, while the Decumulation Class provides lifetime income for investors 65 years and older.
The Decumulation Class groups investors of similar ages into cohorts, with payment distribution rates targeted at 6.15 percent for 65-year-olds. The Fund's innovative longevity risk pooling structure is designed so that distribution rates should increase over time.** The longer you live, the more financially beneficial it is, as the market returns of investors who exit the Fund, either voluntarily or due to death, stay in the Fund, creating a unique pooling structure that enables income for life for the remaining investors.
"With Longevity, we aim to solve the issue of income instability for retirees by providing a lifetime income stream so that Canadians can retire with confidence and peace of mind. We are excited to learn more from C.A.R.P. members about the challenges they face in retirement so we can deliver practical financial solutions to help us live in a world where more people see this phase of their life as an opportunity, not a challenge," said Som Seif, CEO and Founder of Purpose Investments.
"The C.A.R.P. Recommended Seal is the highest validation we can give to trusted providers of important, indeed novel, products; and we make sure that the partners we bring into C.A.R.P. Recommended are best in class and worthy of our 320,000 members. So many C.A.R.P. members tell us that their biggest fear, beyond cancer, beyond Alzheimer's, beyond their debt load, or concern for job security, is outliving their money. C.A.R.P. will work with Purpose to address this fundamental and elemental concern," said Bill Van Gorder, Chief Advocacy Officer of C.A.R.P.
For more information about the Fund and Purpose's mission to help Canadians embrace retirement with income for life, please visit: retirewithlongevity.com.
To find out more about the benefits of joining C.A.R.P., please visit: carp.ca
About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $11 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent, technology-driven financial services platform which is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.
For further information about the Longevity Pension Fund, please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257