MONTREAL, Nov. 4 /CNW Telbec/ - The Standard Life Assurance Company of
Canada today announced that it will offer group savings and retirement plan
sponsors the opportunity to include the new tax-free savings accounts (TFSAs)
as part of their programs, starting January 1, 2009. TFSAs were announced in
the 2008 federal budget as the single most important personal savings vehicle
since the introduction of registered retirement savings plans (RRSPs) in 1957.
TFSAs allow the accumulation of up to $5,000 per year of after-tax money
that can be used whenever and for whatever purpose the investor chooses
without paying tax on the income earned. They can be used to complement other
retirement savings vehicles such as RRSPs or, in place of non-registered
plans, for shorter-term goals.
"We're happy to offer employers ways to enhance their group plans. TFSAs
can help their employees save money for unforeseen costs such as healthcare
expenses during retirement, or as an alternative to grow money tax-free if
they have already reached their annual RRSP contribution limits. TFSAs are
also attractive to those members who have not maxed out their RRSPs but expect
a higher tax rate down the road," said Anna Del Balso, Director of Strategy
and Research and Product Development of Standard Life's Group Savings and
Retirement Division.
Standard Life will offer sponsors the opportunity to include TFSAs as
part of their group savings and retirement programs, and to choose from any of
the funds included in their plans to ensure that members continue investing in
funds that meet the objective of their group plan.
About Standard Life
In 2008, Standard Life, the first life insurance company to transact
business in Canada, marks its 175th year of operations. With 10,000 employees
globally, Standard Life plc is a major international financial services group
headquartered in Scotland. It provides asset-managing services for retirement,
investment and protection to some 7 million customers globally and has C$330
billion in assets under administration, as at June 30, 2008. It has offices in
the United Kingdom, Canada, Ireland, Germany, Austria, India and China,
including Hong Kong.
The Standard Life Assurance Company of Canada is Standard Life plc's
largest operation outside the U.K., with 2,000 employees based in Montreal and
across Canada, serving more than 1.3 million Canadians, including group
insurance and pension plan participants. (www.standardlife.ca)
Standard Life plc has approximately 1.5 million shareholders worldwide,
including approximately 14,000 institutional and individual shareholders in
Canada. It has been trading on the London Stock Exchange since The Standard
Life Assurance Company demutualized in 2006. Standard Life plc is listed on
the FTSE 100, Europe's largest index, and on the FTSE4Good Index, which
identifies companies adhering to globally recognized corporate responsibility
standards. (www.standardlife.com)
For further information: Vincenzo Ciampi, Vice-President, External
Communications and Public Affairs, Standard Life, (514) 499-7999, ext. 6710,
vincenzo.ciampi@standardlife.ca
