DSC Series Update

In accordance with industry regulators to remove deferred sales charge (DSC) options in 2023, Assumption Life will no longer be accepting new deposits for funds with DSC commission options as of May 1, 2023.

No Impact on Existing Investments

Assets allocated to DSC funds will remain invested and administered as per the current contract terms and the applicable deferred sale charge schedule. This approach will cause no impact for you or your clients. We will continue to apply the charges on all future surrenders from the DSC Series, until the expiry of the deferred sales charge schedule.

Default Options for Additional Deposits and Pre-Authorized Deposits (PAD).

After May 1, 2023, if no new investment instructions are provided, additional deposits will be allocated to the same funds in a different series with no deferred sales changes applicable to the client.

The default options are listed in the table below:

*Please note that a fee difference between 0% and 0.26% may apply for some segregated funds.
*Advisors with clients with PAD allocated to DSC series have already been notified.
 

No action is required from you or your clients.

If your clients would like to review their investment options, have a discussion with them and submit new instructions at any time.

To provide new investment instructions, here are some useful tools to help you get started:

• Vesta
• Internal Transfer Form
• Fund line-up comparison

For questions regarding this change please contact your director of business development.

For questions regarding your clients’ existing investments, contact investments.retirement@assumption.ca or call 1-888-577-7337.