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The Canadian Association of Retired Persons (CARP) announced a new partnership with Toronto-based Purpose Investments Inc. to recommend its Longevity Pension Fund as an effective retirement solution.

The mutual fund, which launched earlier this year, aims to provide lifetime income to retired Canadians, many of whom are facing retirement without sufficient savings or the security of company pensions.

In conjunction with the partnership, CARP members will get a 15% reduction in management fees when they invest in the Longevity Pension Fund.

“I believe that our members will be eager to learn about how the Longevity Pension Fund is a flexible income-for-life solution for Canadian retirees,” said Moses Znaimer, president and chairman of CARP and founder, president and CEO of ZoomerMedia.

The Longevity Pension Fund is the first mutual fund of its kind that incorporates longevity risk pooling to provide lifetime income to Canadian retirees. The fund has characteristics of an annuity or pension plan, with monthly lifetime distributions when investors turn 65.

CARP plans to educate its members about how the fund provides income for life to Canadian retirees through ZoomerMedia’s TV, radio, print and digital channels.