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 | Why Manulife's Group Retirement Income Plan?
Manulife's Group Retirement Income Plan offers you these advantages:
- Convenient transfer of money from your group savings plan to the group retirement income plan you select*;
- No transfer fees;
- A broad selection of industry-leading investment options including market-based funds and guaranteed interest accounts in 1-5-year and 10-year terms;
- Competitive investment management fees (IMFs) and interest rates - group plans generally charge lower fees and offer higher interest rates than comparable individual products;
- Member Reward Program – lower investment management fees and higher interest rates based on the value of the accounts transferred; and
- Comprehensive service and support including secure Internet and telephone access, member statements, personal rates of return, and toll-free account and financial education support.
Manulife offers income options suitable for the range of registered savings members have.
* If you have money invested in Guaranteed Interest Accounts (GIAs) in your group savings plan, these will be transferred intact to the Group Retirement Income Plan. The interest rate(s) and maturity date(s) on your GIAs will remain the same and no penalty will apply.
Note: The minimum amount required to establish a new plan is $5,000.
Choices, Choices, Choices
The Group Retirement Income Plan is available as a:
Registered Retirement Income Fund (RRIF)
Life Income Fund (LIF),
Locked-In Retirement Income Fund (LRIF), and
Prescribed Retirement Income Fund (PRIF)
Some factors to take into account:- Are your savings locked-in* or non-locked in?
- Do you have non-registered savings you've set aside for retirement?
- Do you have savings with different financial institutions?
*Not sure if your savings are locked-in? Check page 1 of your Option Report (that is mailed to you once Manulife is notified that you are leaving your group plan) or contact Manulife Financial.
If you're turning 71 this year, you must move your money out of any registered savings plans you have before the end of the year.
Manulife recommends you contact your plan's advisor, or a Financial Education Specialist who can help you assess your situation and determine what options can help you achieve your long-term goals.
What type(s) of savings plans do you have?Registered Pension Plan – Retirement options for this type of plan:
Payment option | Earliest start date | Consider this option if your retirement goals are … |
Registered Retirement Income Fund (RRIF)
A RRIF can be purchased with registered money that is not locked-in.
Legislation specifies a minimum amount that must be withdrawn from a RRIF each year. There is no annual maximum withdrawal amount.
RRIFs are available in all provinces /jurisdictions. | Any age | - Flexible income payments
- Control over investments
- Liquidity
- Immediate access to your money, subject to legislated minimums
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Life Income Fund (LIF)
A LIF can be purchased with registered, locked-in money.
Minimum and maximum annual withdrawal amounts apply to a LIF each year.
LIFs are available for locked-in, registered money in all provinces/jurisdictions except Saskatchewan and PEI. | 49 (for AB)
54 (for NS & NF)
55 (for BC & ON)
Any age (for other jurisdictions) | - Flexible income payments
- Control over investments
- Flexibility to purchase an annuity at any time (although you must purchase an annuity by age 80 for Ontario and Newfoundland legislated money)
- Immediate access to your money, subject to legislated minimums and maximums
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Locked-In Retirement Income Fund (LRIF)
An LRIF is similar to a LIF, but its annual maximum payment amount is calculated differently. The maximum payment for a LRIF is primarily based on investment income earned in prior year(s).
LRIFs are available for registered money that is locked-in under Manitoba or Newfoundland legislation only. | 54 (for NF)
55 (for ON*)
Any age (for MB) | - Flexible income payments
- Control over investments
- Flexibility to purchase an annuity at any time (although an LRIF can last for as long as its annuitant is living)
- Immediate access to your money, subject to legislated minimums and maximums
* Current LRIF holders in Ontario may continue with the plan. New retirees in Ontario can purchase a LIF in order to withdraw funds. |
Prescribed Retirement Income Fund (PRIF)
Available only in Saskatchewan, a PRIF can be purchased with registered money that is locked-in.
A PRIF is similar to a RRIF, as it allows choice of payment amount - subject to an annual legislated minimum amount, but not subject to a legislated maximum amount. | 54 (for SK only) | - Flexible income payments
- Control over investments
- Liquidity
- Immediate access to your money, subject to legislated minimums
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Life Annuity
A life annuity provides regular level income payments for its annuitant's lifetime.
Annuities may be purchased with locked-in or non-locked-in money. | 55 | - Safety
- Level income (since no ability to change payments once set up)
- No ongoing investment decisions
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Registered Retirement Savings Plan – Retirement options for this type of plan:
Payment option | Earliest start date | Consider this option if your retirement goals are … |
Registered Retirement Income Fund (RRIF)
A RRIF can be purchased with registered money that is not locked-in.
Legislation specifies a minimum amount that must be withdrawn from a RRIF each year. There is no annual maximum withdrawal amount.
RRIFs are available in all provinces /jurisdictions. | Any age | - Flexible income payments
- Control over investments
- Liquidity
- Immediate access to your money, subject to legislated minimums
|
Life Income Fund (LIF)
A LIF can be purchased with registered, locked-in money.
Minimum and maximum annual withdrawal amounts apply to a LIF each year.
LIFs are available for locked-in registered money in all provinces/jurisdictions except Saskatchewan and PEI. | 49 (for AB)
54 (for NS & NF)
55 (for BC & ON)
Any age (for other jurisdictions) | - Flexible income payments
- Control over investments
- Flexibility to purchase an annuity at any time (although you must purchase an annuity by age 80 for Ontario and Newfoundland legislated money)
- Immediate access to your money, subject to legislated minimums and maximums
|
Locked-In Retirement Income Fund (LRIF)
An LRIF is similar to a LIF, but its annual maximum payment amount is calculated differently. The maximum payment for a LRIF is primarily based on investment income earned in prior year(s).
LRIFs are available for registered money that is locked-in under Manitoba, Ontario or Newfoundland legislation only. | 54 (for NF)
55 (for ON*)
Any age (for MB) | - Flexible income payments
- Control over investments
- Flexibility to purchase an annuity at any time (although an LRIF can last for as long as the annuitant is living)
- Immediate access to your money, subject to legislated minimums and maximums
* Current LRIF holders in Ontario may continue with the plan. New retirees in Ontario can purchase a LIF in order to withdraw funds. |
Prescribed Retirement Income Fund (PRIF)
A PRIF can be purchased with registered money that is locked-in. This Fund is available only in Saskatchewan
A PRIF is similar to a RRIF as it allows choice of payment amount -- subject to an annual legislated minimum amount, but not subject to a legislated maximum amount. | 54 (for SK only) | - Flexible income payments
- Control over investments
- Liquidity
- Immediate access to your money, subject to legislated minimums
|
Life Annuity
A life annuity provides regular level income payments for its annuitant's lifetime.
Annuities may be purchased with locked-in or non-locked-in money. | 55 | - Safety
- Level income (since no ability to change payments once set up)
- No ongoing investment decisions
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Deferred Profit Sharing Plan - Retirement options for this type of plan:
Payment option | Earliest start date | Consider this option if your retirement goals are … |
Registered Retirement Income Fund (RRIF)
A RRIF can be purchased with registered money that is not locked-in.
Legislation specifies a minimum amount that must be withdrawn from a RRIF each year. There is no annual maximum withdrawal amount.
RRIFs are available in all provinces/jurisdictions. | Any age | - Flexible income payments
- Control over investments
- Liquidity
- Immediate access to your money, subject to legislated minimums
|
Annuity
An annuity provides regular level income payments for the annuitant's lifetime (a life annuity) or for a certain number of years (a term certain annuity).
Annuities may be purchased with locked-in or non-locked-in money. | 55 | - Safety
- Level income (since no ability to change payments once set up)
- No ongoing investment decisions
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See the Manulife Group Retirement Income Plan brochure for more details.
Ready to enrol? Learn how
If you're not ready to start receiving a retirement income, click here to view your group savings options. | |
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