MONTREAL, Feb. 15, 2006 – Standard Life Canada announced today the launch of a new series of Target Year Funds designed specifically for Capital Accumulation Plan (CAP) members. McLean Budden Limited will manage the underlying assets of the funds, which will be offered exclusively to clients of Standard Life and McLean Budden.
The new Target Year Funds are designed to take the stress out of investment decision-making for plan members and plan sponsors by eliminating the confusion that typifies many plans. “Many plan sponsors are challenged by the issue of effective employee education,” said Anthony Cardone, Senior Vice-President, Group Savings & Retirement, Standard Life. “This new series of funds provides a turnkey solution for both sponsors and their plan members, simplifying both the selection and management of their funds.”
John Ackerl, the McLean Budden Vice-President who led the development of these funds, explained their simplicity. “All a plan member needs to know is when he or she wants to retire. We do the rest; actively managing both the mix of assets and the selection of individual securities for the portfolios.”
These funds allow both retirement plan members and plan sponsors to relax and focus on other things, while a team of respected professional money managers actively manages the funds.
Standard Life and McLean Budden are respected leaders in the retirement market with extensive track records in the Canadian pension industry. “We are pleased to work with Standard Life to bring innovative solutions to help plan sponsors build successful programs,” added Douglas Mahaffy, President of McLean Budden.
About Standard Life:
The Standard Life Assurance Company of Canada and its affiliated companies have $36.1 billion in assets under management (at September 30, 2005) and offer a wide range of financial products and services to over 1.2 million individuals, including group insurance and pension plan members. Products and services include group savings and retirement, group insurance, individual life insurance, savings and retirement, mutual funds and portfolio management. Total premium income and deposits reached $4.6 billion in 2004. (www.standardlife.ca)
Founded in Edinburgh (Scotland) in 1825, The Standard Life Assurance Company is a mutual company. On 17 October 2005, the Board of Standard Life announced that it intends to recommend to members that the Standard Life should demutualize and list on the London Stock Exchange, subject to satisfactory completion of all legal, regulatory and other processes. A Special General Meeting is planned for May or June 2006 to seek members’ approval of the demutualization and flotation plans. At September 30, 2005, The Company has $254.6 billion in assets under management and over 7 million customers in the United Kingdom, Canada, Ireland, Germany, Austria, India and Hong Kong and mainland China.( www.standardlife.com )