Franklin Templeton Investments Corp. is adding a suite of target-date funds to its offerings in Canada.

Franklin LifeSmart is expanding to four new funds, covering new increments 2025, 2035, 2045 and 2055, adding to the current line up of 2020, 2030, 2040 and 2050.

“As employee workplace savings plans continue to grow in popularity across Canada, demand for target-date funds is particularly strong,” said Duane Green, president and chief executive officer of Franklin Templeton Investments Canada, in a press release. “First launched in 2007, our Franklin LifeSmart portfolio lineup is being refined to best meet the evolving needs and preferences of consultants, gate keepers, plan sponsors and their plan participants.”

Read: Are target-date funds the best investment option for CAP decumulation?

The funds, which will be actively managed by Franklin Templeton Multi-Asset Solutions, will be available to group registered retirement savings plans, as well as pension plans. 

“We’ve been in the target-date fund business for 11 years in Canada and the expansion of our product lineup showcases our ongoing commitment to providing clients with diverse retirement offerings capable of meeting plan members’ retirement needs,” said Matthew Williams, head of institutional and client service for Franklin Templeton Investments Canada, in the release.

Read: Why more group retirement plans are including passive investments

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