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保本基金与互惠基金比较
Segregated Funds Vs Mutual Funds

       "保本基金(Segregated Funds,又译为“分隔基金”)"在加拿大是于1961年开始由人寿保险公司提供。这种保险公司版的互惠基金,与投资公司的互惠基金,有一些相似性,但也有许多重要差别。 (右图:加拿大市场过去十年保本基金的增长变化,来源:CLHIA,2016)

       下表列出了保本基金与互惠基金的一些基本差别。但除了这些基本差异之外,还有一些更重要的不同,我们在以下的文字中作了进一步说明。为了有利于读者更准确理解,说明是用英文,只对一些关键词作了中文翻译,以供参考。

保本基金与互惠基金的主要差异:
内容/Benefits 保本基金/Seg Funds 互惠基金
Mutual Funds
管理公司
Managing Company
保险公司。但保险公司也有互惠基金。 投资公司、银行、保险公司。
到期保本
Maturity Guarantee
是。基金成熟期通常为10年,常见的有75%保本和100%保本两种。 否。
死亡保本
Death Guarantee
是。若投资人去世,受益人将会得到不低于保险公司的保证额度值。 否。
信用保护
Creditor Proofing
是。投资人破产时保证合同持有人免受债权人的索偿。这点对自雇人士或企业主可能很重要。 否。
遗产保护
Probate Protection
是。保本基金合同中已安排有受益人,投资人过世时不用经过遗嘱执行手续而直接迅速将资产转给受益人。 否。
回报锁定
Annual Reset
可能有。有些保本基金不可获利锁定,部分可以在基金回报好的年份锁定1-2次。 否。

 

       与互惠基金相比,保本基金的弱点是:1)管理费用(MERs )比互惠基金的要高;2)合同到期才能享受保本;3)少数保本基金中途取款可能有罚金,但多数可以中途取款,保本计算时减除取款部分。具体情况,依选择的保本基金投资合同规定而定。做为一个例子,可浏览Sun Life Financial的保本基金种类选择与介绍:永明金融公司保本基金介绍 Sun Life Guaranteed Investment Funds (GIFs)

  Mutual funds are regulated under the provincial securities regulators and segregated funds are regulated by the provincial insurance officials. Mutual funds are offered through a prospectus filed with the provincial securities commission and segregated funds are offered through an information folder. Most mutual funds and segregated funds are available on a deferred sales charge basis.

  Like mutual funds, the segregated fund policy holder has no ownership rights in the assets of the fund. They remain the property of the insurance company. Segregated fund units and mutual fund shares are units of value, where the policy holder owns an interest but not a piece of property. According to the market value of a specified group of assets, the insurance company must maintain separate funds with separate assets for each fund.

  Segregated Funds are actually variable deferred annuity contracts with insurance protection in the event of death. It is this insurance component that brings together many of the benefits of segregated funds. At death, proceeds of a segregated fund can pass directly to a named beneficiary, and are not subject to creditor's claims, probate, lawyer's or executor's fees. As long as a preferred beneficiary is designated, creditor protection exists during the policy holder's lifetime even if a bankruptcy occurs. Mutual funds don't have this protection, since, upon death, they become part of the deceased's estate and are subject to taxes, legal, executor and probate fees.

  Segregated Funds offer guarantees at maturity (ten years from date of purchase) or death on the limit of potential losses - 100% of original deposits, less any withdrawals, are guaranteed which makes them an attractive alternative for the cautious and/or long term investor. No such guarantees exist for mutual funds and it is possible to have little or nothing left at death or plan maturity.

  To the extent that the maturity and death guarantees of segregated funds are applicable, these same amounts are covered up to $60,000 by CompCorp, the insurance company protection association, when you have such an investment with one of CompCorps member companies. Mutual Funds are not covered in like manner under CDIC, the equivalent bank insurance coverage.

  If you purchase non-registered mutual funds towards the end of a calendar year, you could pay tax for a year's worth of capital gains even though you did not own units for a whole year. With segregated funds, income is allocated monthly so you don't have to pay tax on gains that arose before you owned units.

  Non-registered segregated funds have an additional tax advantage over mutual funds. If a segregated fund loses capital in a given year, the unit holders can claim the capital loss on their taxes and offset any capital gains made on other investments. Taxation rules allow the allocation of capital gains or losses without cashing in the units held. Mutual funds do not have the ability to allocate. They distribute gains or losses and a loss cannot be distributed. The only way to declare a loss with a mutual fund is to sell the units held.