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 | Why Manulife's Personal Plan?
The Manulife Personal Plan offers these advantages:
- Convenient transfer of money from your group savings plan to the Personal Plan*;
- No transfer fees or minimum transfer amount(s);
- 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;
- Easy continued savings - make lump-sum payments or arrange to contribute using pre-authorized chequing (PAC); 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.
The Manulife Personal Plan offers the easiest, most convenient option when you need to move your savings out of your group savings plan.
*If you have money invested in Guaranteed Interest Accounts (GIAs) in your group savings plan, these will be transferred intact to the Personal Plan. The interest rate(s) and maturity date(s) on your GIAs will remain the same and no penalty will apply.
Other options available to you
Your options depend on:- the type(s) of group savings plans you belong to
- whether your savings are locked-in* or not locked-in
- where you live (the jurisdiction your savings are registered in).
*Not sure if your savings are locked-in? Check page 1 of your Option Report (mailed to you once Manulife is notified that you are leaving your group savings plan) or contact Manulife Financial
| If you're a member of a … | Your options are … |
| Registered Pension Plan (RPP) | If you have locked-in money, you can…- Transfer the money to the registered Manulife Personal Plan, or
- Transfer the money to another registered plan – Registered Pension Plan (RPP), Registered Retirement Savings Plan (RRSP), or Locked-in Retirement Account (LIRA).
If your money is not locked-in, you can…- Transfer the money to the registered Manulife Personal Plan,
- Transfer the money to another Registered Retirement Savings Plan (RRSP), or
- Take a cash payment (subject to withholding tax).
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| Registered Retirement Savings Plan (RRSP) | If you have locked-in money, you can…- Transfer the money to the registered Manulife Personal Plan, or
- Transfer the money to another registered plan – Registered Retirement Savings Plan (RRSP) or Locked-in Retirement Account (LIRA).
If your money is not locked-in, you can…- Transfer the money to the registered Manulife Personal Plan,
- Transfer the money to another Registered Retirement Savings Plan (RRSP), or
- Take a cash payment (subject to withholding tax).
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| Deferred Profit Sharing Plan (DPSP) | - Transfer the money to the registered Manulife Personal Plan,
- Transfer the money to another Registered Retirement Savings Plan (RRSP), or
- Take a cash payment (subject to withholding tax).
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| Non-Registered Savings Plan (NRSP) | - Transfer the money to the non-registered Manulife Personal Plan,
- Transfer the money to another non-registered plan (e.g. a bank account), or
- Take a cash payment (not subject to withholding tax since non-registered money).
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See the Manulife Personal Plan brochure for even more details.
Ready to enrol? Learn how
If you're ready to start receiving a retirement income, click here to view your group retirement income options.
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