RBC Insurance Group Annuity—A defined benefit de-risking solution

An Annuity provides you with a guaranteed income stream for life on the same terms as your pension plan.

A Group Annuity is a solution offered to Defined Benefit pension plan sponsors who wish to remove some of the financial risk associated with pension plans. Your plan sponsor has transferred that risk to RBC Insurance by purchasing a Group Annuity. What it means to you, as a pension plan member, is that RBC Insurance now has the legal responsibility to pay your pension entitlement.

There is a financial risk associated with managing Defined Benefit pension plans. Your plan sponsor decided to transfer that risk to RBC Insurance to better control risk in its organization, and to meet the pension needs of its members.

Your pension plan banking information has been automatically transferred to RBC Insurance and no action is required on your part. You do not need to have any prior relationship with RBC or RBC Insurance to confirm, update or receive your pension entitlement.

The welcome letter you received includes your RBC Insurance Group Annuity Certificate, outlining the details of your pension. If all information was correct, no action is required on your part. If you need to make a change, please contact the RBC Insurance Group Annuity Centre at 1-888-769-2594. We are open Monday – Friday, 8am to 8pm (ET).

Your pension plan sponsor decided to transfer their pension plan to RBC Insurance to better handle and control the financial risks associated with Defined Benefit pension plans. Rest assured that client experience is important to us, and we will work hard to ensure you are satisfied with the service and support you receive from us.

As an insurance company, RBC Insurance has a long history of working with investments and longevity that affect both the Life and Annuity business. Our continued growth and financial strength is a tribute to how we manage and control our financial and longevity risks.

Client experience is very important to us and we will work hard to ensure you are satisfied with our service. You cannot elect to withdraw your pension entitlements unless permitted by your pension plan or legislation in your province. If you would like to learn more, please contact the RBC Insurance Group Annuity Centre at 1-888-769-2594. We are open Monday – Friday, 8am to 8pm (ET).

There will be no additional cost associated with this change.

Your beneficiary information has been communicated to RBC Insurance as referenced in your welcome letter. If this information is inaccurate, please contact the RBC Insurance Group Annuity Centre at 1-888-769-2594 to inform us of any changes you may have. We are open Monday – Friday, 8am to 8pm (ET).

Your pension plan banking information has been automatically transferred to RBC Insurance, and no action is required on your part.

To confirm or update your banking information, please contact the RBC Insurance Group Annuity Centre at 1-888-769-2594. We are open Monday – Friday, 8am to 8pm (ET).

Your pension plan information has been automatically transferred to RBC Insurance, and no action is required on your part. We will continue to use the latest tax form you have completed.

We are committed to the secure and effective management of your pension. We are also dedicated to providing you with the best client experience possible. You can feel confident that RBC Insurance will provide you with exceptional support and service at all times.

RBC has a long history of managing longevity and investment risks in order to provide security to its pension clients. We are a well-established company with a strong credit rating and backup measures in place to ensure your pension is safe with us.

RBC Life Insurance Company is wholly owned by the Royal Bank of Canada. Royal Bank of Canada is one of the largest banks in the world, based on market capitalization. We have a history that stretches back over 150 years and we provide a range of products and services on a global basis. We have a very strong credit rating and our Group Annuity comes with Assuris coverage. Assuris protects Canadian policyholders in the unlikely event of bankruptcy by their insurance company. That means your income is 100% protected up to $5,000 per month; if your income exceeds $5,000 per month, the protection is limited to 90%.

Your pension plan contract and the selections that you made will continue to be in place with RBC Insurance. The life of the annuity and the end date of your pension will remain the same.

Your pension plan contract will remain the same. There will be no changes to your retirement income.

The selections that you made regarding the form of your pension payment will continue to be in place with RBC Insurance.

You will receive an annual notification from RBC Investor Services. And, any time there is a change to your net payment, you will receive a notification in the mail.

The amount of income you receive over time is based on what you originally chose in your plan.

Your net amount should remain the same, provided we have received all the current tax forms from your previous pension provider and there has been no change to your tax situation.

Your payment date will not change from when you were previously receiving your payment from your pension plan.

Your payment method will not change. As with your pension plan, you will receive an electronic fund transfer (EFT) or cheque depending on what you selected under your pension plan.

You can elect to receive your annuity any time after your Early Retirement Date. Depending on the provisions of your pension plan, the annuity payable on or after your Early Retirement Date, but before your Earliest Unreduced Retirement Date, if applicable, may need to be reduced to account for the fact that you are expected to receive the annuity payments for a longer period of time.

Annuities are paid in different forms. Your annuity will be payable according to the form indicated in your Group Annuity Certificate.  Generally speaking,

• A life annuity provides monthly payments to you for your lifetime.  Payments stop when you die.
• A life annuity with a guarantee (such as 5, 10, 15 years) provides monthly payments to you for your lifetime with the added provision that if you do not receive at least the number of payments in the guarantee period during your lifetime, the remaining payments are made to your beneficiary.  If you have received the guaranteed payments or more during your lifetime, then payments stop when you die.
• A joint & survivor annuity provides monthly payments to you for your lifetime with the added provision that if your spouse is still alive when you die, your spouse will receive payments at the level you elect at retirement (such as 60%, 75%, 100%).  Payments to your spouse stop when your spouse dies.  If your spouse is not alive when you die, payments stop.

Your move will not affect your pension, provided you inform us of any new changes to your address, bank accounts, or anything else that may have an impact on your pension entitlement. Please note direct deposit (EFT) can only be done for Canadian bank accounts. If you do not have a Canadian bank account, please contact the RBC Insurance Group Annuity Centre at 1-888-769-2594 to discuss payment options. We are open Monday – Friday, 8am to 8pm (ET).

We would like to verify that your plan sponsor provided us with this information, as it may have an impact on your pension entitlement. Please call us at 1-888-769-2594 so we can confirm this information. We are open Monday – Friday, 8am to 8pm (ET).

Please call the RBC Insurance Group Annuity Centre at 1-888-769-2594. We are open Monday – Friday, 8am to 8pm (ET).

In the unfortunate event of the death of your spouse or other beneficiary, please call and notify the RBC Insurance Group Annuity Centre at 1-888-769-2594. We are open Monday – Friday, 8am to 8pm (ET).

At the time of retirement, if you had elected to receive a Joint & Survivor pension, this form of pension provides a monthly payments to you for your lifetime with the added provision that should you predecease your spouse, your spouse would receive payments at the level you had elected at retirement (such as 60%, 75%, 100%) for their remaining lifetime. Since the form of pension automatically entitles your spouse to benefits there is no need to state a beneficiary in this situation. Note that your beneficiary information has been communicated to RBC Insurance as referenced in your welcome letter.

In the event of your death, your pension entitlements will follow the terms outlined in your plan and that you elected when you retired. Your pension will either end, or payments will continue to your spouse or beneficiaries, depending on how you originally set up your plan.

Whenever your net pension amount changes, RBC Investor Services will notify you by mail.

You can reach us as follows:

• Call 1-888-769-2594, Monday – Friday, 8am to 8pm (ET)
• Send us an e-mail

RBC Insurance is dedicated to providing you with the best client experience possible. Should you have any questions regarding your pension, please contact the RBC Insurance Group Annuity Centre at 1-888-769-2594. We are open Monday – Friday, 8am to 8pm (ET).

If you have any questions about the changes to your pension plan or about RBC Insurance, we would be happy to talk to you. Please contact the RBC Insurance Group Annuity Centre at 1-888-769-2594. We are open Monday – Friday, 8am to 8pm (ET).