Scenic mature couple holding hands together and looking abroad during retirement vacation

Franklin Templeton Investments Corp. has expanded its Franklin LifeSmart retirement offerings with four new target date funds, the Toronto-based company announced on Thursday.

Target date funds are managed so that the asset allocation gradually becomes more conservative over time as the target date of each fund approaches.

Managed by Franklin Templeton Multi-Asset Solutions, the Franklin LifeSmart Portfolios provide Canadian group plan sponsors with a target date lineup now covering five-year increments — ranging from 2020 to 2055 — for their employee workplace savings plans.

“As employee workplace savings plans continue to grow in popularity across Canada, demand for target date funds is particularly strong,” says Duane Green, president and CEO of Franklin Templeton, in a statement. “First launched in 2007, our Franklin LifeSmart Portfolio line-up is being refined to best meet the evolving needs and preferences of consultants, gate keepers, plan sponsors and their plan participants.”

The four new portfolios, covering 2025, 2035, 2045 and 2055, will be added to the current lineup of 2020, 2030, 2040 and 2050 funds.

The portfolios are a suite of multi-asset, target date funds that are available to group RRSP service providers and pension plan sponsors. These actively managed funds are offered through group savings platforms. They offer investors diversification of asset classes by investing in underlying funds.