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As a recognized leader in providing group retirement solutions to Canadian businesses, Manulife has developed a cost-effective and easy-to-administer solution for you and your employees. A dedicated team focused on small and medium-sized businesses, combined with our strength as a global financial services company, allows Manulife to offer solutions to respond to the needs of owners and their employees.
The Manulife VRSP is an easy-to-implement solution that will satisfy your workplace savings plan needs. In an effort to make everything as simple and effortless as possible, Manulife offers the following outstanding features in its VRSP:
Check out Manulife's VRSP featuresQuick and straightforward set-up process
Time savings with fewer administrative tasks for employers
Features formerly offered exclusively to large companies
| Feature | Manulife’s enhancements |
|---|---|
| Easy plan set-up | It takes as few as 20 minutes to set up your plan using Manulife’s five-step, easy online application. |
| Lower Investment Management Fees | Funds are pooled together from multiple employers to offer employees low investment management fees (IMFs). |
| Employee eligibility | Simply provide your employee information to us and Manulife will monitor when each employee is eligible to participate in the plan. |
| Automatic enrolment into the plan | Manulife will automatically enroll your eligible employees into the plan and mail an Enrolment Notification Package to each one of them. The package will outline the steps that need to be completed to get started with Manulife. |
| Employees who wish to opt out | On your behalf, Manulife will collect employees’ instructions if they decide not to participate in the VRSP. |
| Member contributions |
On your behalf, Manulife will collect members’ contribution rate instructions and communicate them to you through the secure website. Your employees can provide the instructions to Manulife through the plan member secure website. For employees who do not select a contribution rate, Quebec has set the VRSP default contribution rate as:
|
| Employer contributions |
Should you decide to contribute, Manulife provides you with three flexible contribution options:
Simply submit contributions using Manulife’s secure web site and pay using the pre-authorized debit. |
| Funds offered | Manulife’s investment line-up is comprised of a low-cost suite of target date funds (table below) designed and managed by Manulife Asset Management. These funds have been indexed to keep costs low for members and offer an actively managed component when there may be certain markets and/or strategies where the benefits of active management outweigh the added cost. If plan members wish to invest in a fund(s) other than Manulife Target Date Fund(s), the investment options available are below. |
| Investments | Applying Manulife’s Investment Watch (I-Watch®) program, Manulife offers an investment line up of the best in class funds providing choice to plan members. Investments offered in Manulife’s VRSP will be monitored using the program’s best practices approach to ensure that the fund managers adhere to their investment mandates over time. |
| Member services | Manulife promises to provide a member experience at par with participants in larger plans. Members will be provided access to Manulife’s industry leading retirement education tools like the STEPS Retirement Program®, annual member statements to show the member’s account activity over the past year, secure website to view and manage their accounts, and access to Customer Service Representatives and 1-800 Financial Education Services and Transition Specialists. |
| Payroll integration |
Manulife has partnered with leading payroll providers to offer payroll integration with the Manulife VRSP providing the following benefits:
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| Manulife Target Date Funds: | Investment Management Fee (IMF) |
|---|---|
| Manulife Target Date Income Fund | 1.087% |
| Manulife Target Date 2020 Fund | 1.087% |
| Manulife Target Date 2025 Fund | 1.087% |
| Manulife Target Date 2030 Fund | 1.087% |
| Manulife Target Date 2035 Fund | 1.087% |
| Manulife Target Date 2040 Fund | 1.087% |
| Manulife Target Date 2045 Fund | 1.087% |
| Manulife Target Date 2050 Fund | 1.087% |
| Manulife Target Date 2055 Fund | 1.087% |
| Other investment options | Investment Management Fee (IMF) |
|---|---|
| Manulife Daily High Interest Fund | 0.850% |
| Manulife Asset Management Canadian Bond Index Fund | 1.305% |
| Manulife Balanced Index Fund | 1.305% |
| Manulife Asset Management Canadian Equity Index Fund | 1.305% |
| Manulife Global Equity Index Fund | 1.305% |
