November 15, 1951 (21st Parliament, 5th Session)

CCF

Stanley Howard Knowles (Whip of the Co-operative Commonwealth Federation)

Co-operative Commonwealth Federation (C.C.F.)

Mr. Knowles:

With respect to the matter that has just been under discussion, is it clear that these reduced rates, one-third less or one-quarter less, will be level rates for

the whole time a person is buying an annuity? In other words, when you take out an annuity under this new plan you stipulate that you want the kind that will be reduced by a certain amount at age 70 and you pay a level premium across the years accordingly.

Topic:   A FEW EXAMPLES SHOWING THE MONTHLY PREMIUM REQUIRED TO PURCHASE A LEVEL ANNUITY FOR LIFE COMMENCING AT AGE 65 MALES, 60 FEMALES, COMPARED WITH THE MONTHLY PREMIUM NECESSARY TO PRODUCE ANNUITIES OF THE SAME AMOUNT BUT WHICH REDUCE AT AGE 70 BY THE AMOUNT OF THE OLD AGE SECURITY ($40 PER MONTH.
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