Going the distance: Canada's long-dated notes

Pensions

When Canadian insurer Manulife launched a retirement product called IncomePlus in October last year, it proved an instant hit among the country's ageing population. Sales reached C$1 billion (US$900 million) in March this year, exceeding all expectations (see box page 34). The 20-year product has been marketed as a new retirement solution, offering guaranteed monthly payments regardless of when an investor retires in the market cycle. In fact, IncomePlus is one of the latest innovations in v

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