13. For the purposes of section 25 of the Act, the default investment option is based on a “lifecycle” approach where the degree of risk, based on the member’s age, is adjusted as he approaches retirement age. It is composed of one or more types of investments referred to in subparagraph 2 of the second paragraph.
Furthermore, the conditions whereby the plan administrator offers other investment options from which the member may choose are as follows:(1) the same investment options shall be offered to all plan members;
(2) the other investment options shall be selected from the following types of investments:(a) an insurance product or annuity;
(b) a money deposit in Canadian funds at an institution that holds a license under the Deposit Insurance Act (chapter A-26) or at a bank listed in Schedule I or II of the Bank Act (S.C. 1991, c. 46), or a debt security issued by such an institution or bank, provided a document certifying the institution’s or bank’s obligation to pay or refund specifically mentions the name of the individual who, on the date the document was issued, is entitled to the payment or refund of the amounts received;
(c) investment fund securities;
(d) a bond or other debt security issued or guaranteed by a government in Canada, by one of its agencies, or by a municipality in Canada.