Glossary beginning with A

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A
Acquisition or purchase value
The value used to calculate the number of points accrued on the basis of the RAFP contributions paid.
Active benchmarked management
This is where the investments are similar to those of the benchmark index but investment management is more active than under pure indexed management. The management mandate may, in particular, specify:
  • a limit on tracking error relative to the benchmark;
  • limits on the weight of individual issuers relative to the benchmark.
The investment manager therefore makes few significant changes, in terms of sector, geographic spread, themes or specific securities, from the benchmark.
Active non-benchmarked management
When building the portfolio, the investment managers may deviate materially from the benchmark. The mandate does not specify:
  • any limit on tracking error;
  • any maximum weighting by issuer relative to the benchmark.
For all ERAFP mandates, the investment managers must nevertheless select stocks from the SRI investment universe defined by ERAFP.
Adjustment
Calculation and payment of supplementary benefits following the receipt and/or processing of a declaration and payment of contributions. Adjustments are also known as ‘revisions’ in the administrative manager’s schedules and reports.
AM
RAFP’s administrative manager, the CDC.
Annuity
A sum paid at a specified interval (currently only monthly).