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

PC

Charles Delmar Coyle

Progressive Conservative

Mr. Cole (Verdun-La Salle):

Yes, it will be so. The stipulation in the contract will provide that the higher amount of the annuity will mature at 65 and will be payable up to 70 from which time the annuity payable will be reduced by $40. I do not know exactly how that will be put in writing in the contract but that will be the meaning of any phraseology that will be adopted.
Resolution reported, read the second time and concurred in.
Mr. Fournier, Hull (for Mr. Gregg) thereupon moved for leave to introduce Bill No. 23, to amend the Government Annuities Act.
Motion agreed to and bill read the first time.

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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