Purpose Investments Inc. (“Purpose”) is pleased to announce the appointment of four members to a new Advisory Committee for the Longevity Pension Fund (“the Fund”), the world’s first income-for-life mutual fund that launched on June 1, 2021.
The Advisory Committee comprises world-renowned pension and retirement experts who will provide Purpose with strategic insights and guidance on various topics including current trends within the retirement space, new solutions or enhancements to existing solutions to improve the retirement income system in Canada, and pension and investment legislation and how it may impact Purpose’s retirement platform.
The committee members are as follows:
Keith Ambachtsheer, the President of KPA Advisory Services Ltd.; Director Emeritus of the Rotman International Centre for Pension Management at the University of Toronto; one of the “30 Most Influential People in Pensions" according to Pensions and Investments; and one of the world’s "10 Most Influential Academics in Institutional Investing" according to aiCIO.
Jim Leech, the former President and CEO of Ontario Teachers' Pension Plan, one of the largest pensions in the world, and Chancellor of Queen’s University (2014-2021).
Bonnie-Jeanne MacDonald, Director of Financial Security Research at Ryerson University’s National Institute on Ageing; a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries; and the Resident Scholar at Eckler Ltd.
Fred Vettese, former Chief Actuary of Morneau Shepell (from 1993 to 2020), a human resources services and technology company now known as LifeWorks; and author of several books about Canada's retirement system, including “The Essential Retirement Guide: A Contrarian's Perspective” and “Retirement Income for Life: Getting More Without Saving More.”
“Although we were fortunate to have received their guidance and advice while developing the Fund, today we are excited to officially welcome Keith, Bonnie-Jeanne, Fred, and Jim as Advisory Committee members,” said Fraser Stark, President of the Longevity Retirement Platform, “It’s important for us to make sure we make informed, pragmatic decisions surrounding the Fund to fulfil our duty to investors and Canadian retirees. I don’t think it’s possible to have assembled a more experienced group of experts and thought leaders in the retirement and pension space to ensure we do.”
The Longevity Pension Fund was developed to address the growing social challenge around income security in retirement for Canadians. Similar in design to a defined-benefit pension plan, the Fund distinguishes itself from other mutual fund products by incorporating longevity risk pooling to provide lifetime income to Canadian retirees, while also providing investors with the flexibility to redeem or invest more into the Fund at any time.
The Fund is the first product released as part of a new holistic retirement platform launched by Purpose. To learn more about the Fund and Purpose’s mission to help Canadians embrace retirement with income for life, please visit www.retirewithlongevity.com.
The Advisory Committee’s inaugural meeting will take place later in August.
About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $11 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent, technology-driven financial services platform which is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.
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Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Distributions are not guaranteed, and distribution levels may increase or decrease. The Fund has a unique mutual fund structure. Most mutual funds redeem at their associated Net Asset Value (NAV). In contrast, redemptions in the decumulation class of the Fund (whether voluntary or at death) will occur at the lesser of NAV or the initial investment amount less any distributions received.
Certain statements in this communication are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend on or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” intend,” “plan,” “believe,” “estimate” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained in this document are based upon what Purpose believes to be reasonable assumptions, Purpose cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on the FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed, that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.