OptiSelect

Optiselect is a compulsory retirement annuity product that provides regular pension payments to an individual in exchange for a lump sum payment. (The lump sum payment would typically be two-thirds of the benefit that was accumulated in a pre-retirement savings vehicle.)

Optiselect offers individuals the option to invest their retirement savings in any one or a combination of the following annuity products:

  • Level Annuity: Provides a guaranteed monthly pension payment that remains level.
  • Escalating Annuity: Provides a guaranteed monthly pension payment that escalates annually at a guaranteed rate.
  • Select Annuity: Provides a guaranteed monthly pension payment that increases through annual bonuses declared.
  • Living Annuity: Provides a monthly pension payment that depends on the income level chosen by the individual. Income levels are not guaranteed, but depend on the performance of the underlying investments chosen by the individual.

For more information please download the OPTI-SELECT fact sheet.