CANNEX Financial Exchanges Limited has launched CANNEX PAY Index (Canada).
Similar to the U.S. service, launched earlier this year, the Canadian index provides a relative measure of historical average individual payout annuity values available from annuity issuers.
Based on Canadian historical payout annuity market values tracked by the firm since January 2001, the index provides annuity issuers, advisors and consumers with an indication of the lifetime yield an annuitant would expect to receive by purchasing a payout annuity.
For example, the payout for a 70-year-old male is 7.89% per year. This means a $100,000 annuity purchase would provide an annual income of $7,890 guaranteed for life. This figure is current as of March 26, 2014.
The index, which is a result of collaborative efforts between CANNEX and its recently acquired subsidiary QWeMA, will be published on a monthly basis.