 | Manulife's Group Retirement Income Plan
(for members who want to start receiving a retirement income)
Help your plan members realize their retirement goals
The Manulife Group Retirement Income Plan is an easy, convenient way for retiring plan members to make the most of their retirement savings. Available only to former members of a Manulife group savings plan, your former plan members can begin receiving a retirement income while continuing to enjoy many of the benefits they received in your group savings plan.
Manulife offers a variety of plan types including a Registered Retirement Income Fund (RRIF), Life Income Fund (LIF), Locked-In Retirement Income Fund (LRIF), and Prescribed Retirement Income Fund (PRIF).
How do we notify your members?
Once Manulife is notified that a member is leaving your plan, an Option Report is mailed directly to the member, providing details they need make decisions about their savings. The Group Retirement Income Plan is one of the options listed on this report for members who want to start receiving a retirement income.
Plan members can use Manulife's online Retirement Income Illustrator* to create illustrations for RRIFs/LIFs/LRIFs and PRIFs. The multi-scenario feature allows them to see how different assumptions will affect the amount of retirement income they may receive.
* To access the online Retirement Income Illustrator tool, members login to the secure website for their group savings plan and choose 'Retirement Income Illustration' from the left-hand menu.
Why join the Manulife Group Retirement Income Plan?
Manulife's Group Retirement Income Plan offers members these advantages:
- Convenient transfer of money from your group savings plan to the 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.
*Members with money invested in Guaranteed Interest Accounts (GIAs) in the group savings plan will have funds transferred intact to the Group Retirement Income Plan. Interest rate(s) and maturity date(s) on GIAs will remain the same and no penalty will apply.
Note: A minimum transfer amount of $5,000 is required to set-up a new plan.
See the Manulife Group Retirement Income Plan brochure for more details.
How do members enrol in the Manulife Group Retirement Income Plan? Learn how
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