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Planning layers
Grow · Liquidity
Savings use-cases often sit inside life wrappers: participating savings, deferred annuities and ILAS differ on who bears investment risk and early-exit cost. Dividends include non-guaranteed parts; ILAS units can fall; read guaranteed vs non-guaranteed columns separately.
An annuity trades consideration for periodic payments: immediate/deferred, period-certain and life-with-period-certain differ. QDAP-style tax rules follow current law and product docs—no deduction guarantees and no yield figures here.
Key questions to ask
- Is the goal forced savings, retirement cash-flow, or an investment wrapper you can tolerate?
- Against surrender/withdrawal tables, is the earliest year you may need cash still acceptable?
- How are guaranteed benefits, non-guaranteed benefits and charges disclosed in columns?
- How does it divide labour with MPF/other retirement assets without liquidity mismatch?
Common tool types (catalogue-level)
- Participating savings life
- Deferred annuity
- ILAS (risk disclosure)
Compliance & boundaries
- Do not replace needs analysis with illustrations; ILAS needs risk profiling and fee literacy. No product pitches or return forecasts.