Protecting retirees and consumers nearing the end of work

Ontario’s financial services regulator, FSRA, is taking steps to educate and protect consumers who are retired or planning for retirement. 

FSRA is releasing information guidance that explains distinctions between decumulation products and pension or insurance products. It also offers some important questions consumers should consider before investing.

Decumulation products are a new type of financial product consumers can use to draw down on their savings during their retirement while not outliving those savings.

Consumers considering investing in these types of decumulation products should talk to their financial planner, life insurance agent or securities advisor to understand what they are buying, whether it is right for them and what guarantees apply.

Marketing materials for these financial products may describe them as pension plans or use terms associated with insurance (such as “annuity,” “guaranteed income,” “income for life,” or “tontine”), but they: 

  • are not subject to the same protections as registered pension plans or insurance products;
  • carry a number of consumer risks; and
  • are not regulated by FSRA.

These products are typically investment or mutual funds regulated by the Ontario Securities Commission (OSC). 

Learn more:

FSRA continues to work on behalf of all stakeholders, including consumers and pension plan beneficiaries, to ensure financial safety, fairness, and choice for everyone. Learn more at