A group accumulation annuity is typically issued to the annuitant in a defined contribution plan or a group Registered Retirement Savings Plan (RRSP). These are typically sponsored by an employer, union or other association. A group accumulation annuity may also be issued to a plan sponsor in a defined benefit plan.

A group accumulation annuity is an investment product that accumulates value by adding interest to the investments made by the plan sponsor or the plan members. The interest rates may typically be guaranteed for periods of 1, 3, 5 and up to 10 years. Assuris protection applies to the accumulation annuity, regardless of the term. Accumulation annuities are commonly known as Guaranteed Investment Certificates (GICs).

A group accumulation annuity is an accumulated value benefit under Assuris protection.

If your life and health insurance company fails, Assuris guarantees that you will retain up to $100,000 or 90% of your accumulated value benefit, whichever is higher.

Assuris guarantees that you will retain the amount of your investment under Assuris’ Accumulated Value benefit up to a maximum of $100,000.

• Contribution plans and group RRSPs, where you have chosen an accumulation annuity, will be protected as follows:
  • Assuris continues the group accumulation annuity benefits for each plan member. Assuris guarantees that you will retain up to $100,000 or 90% of your accumulated value benefit, whichever is higher.
• Defined benefit plans, where the assets are invested in an accumulation annuity will be protected as follows:
  • Assuris continues the group accumulation annuity benefits for the plan sponsor. Assuris guarantees that you will retain up to $100,000 or 90% of your accumulated value benefit, whichever is higher.