I don't think this is correct

Here from one Analyst about cgf:
"Unlike a fund manager, where investors in the fund receive the returns based on the performance of the underlying investments in the fund, investors in an annuity are guaranteed to receive a rate of return regardless of investment performance. Any shortfall must be made up by CGF shareholder capital."

I don't think above is correct.
cgf annuity subscription money has to go a money pool that must distance from cgf shareholder, cgf can only charge manager fee just like fund manager; cgf shareholder cannot draw money from this pool and give to themselves , pool is monitoring by gov body, just like your deposit in bank.
but, cgf can draw money from this pool and pay any shortfall if return of investment is poorly. This of cause led to high annuity subscription charge in further.