Changes to IncomePlus Versions 1&2 and Segregated Fund ...
Changes to IncomePlus Versions 1&2 and Segregated Fund Line-Up Changes
IncomePlus Version 1 and Version 2 will close to additional deposits August 8, 2012
Since the recent changes to payout percentages were announced on April 2 of this year, interest rates have continued to drop, which has significantly impacted Manulife's ability to continue to allow deposits to the older versions of IncomePlus. IncomePlus Version 1 (Contracts purchased prior to October 5, 2009) and Version 2 (Contracts purchased between October 5, 2009 and April 29, 2012) will not accept new deposits (except Pre-Authorized Chequing (PAC)) beyond August 8, 2012.
|Supplementary deposits |Must be received at Manulife's head office or placed through On-line Transactions or FundSERV, |
| |in good order by 4pm Wednesday, August 8 in order to be deposited to Version 1 or 2 – no |
| |exceptions will be made |
|PACs |Effective immediately, no new PACs can be established and the amount of existing PAC |
| |arrangements cannot be increased |
| |Existing PAC arrangements (already set up as of July 6) will be allowed to continue beyond |
| |August 8, 2012 |
|Transfers |Transfer money can be deposited when received any time after August 8 provided paperwork is |
| |received in good order at Manulife by 4pm on August 8 |
| |The Transfer to GIF Select option cannot be used to move to IncomePlus Version 1 or Version 2 |
| |beyond August 8 |
|Switches |Clients holding funds in the 75 Series in a GIF Select Original contract will not be able to |
| |switch into or make further deposits to IncomePlus Version 1 beyond August 8 |
| |Clients holding funds in the InvestmentPlus Series in a GIF Select contract will not be able to |
| |switch into or make further deposits to IncomePlus Version 2 beyond August 8 |
Important to note:
• There are no changes to IncomePlus Version 2.1 or the other GIF Select Series (InvestmentPlus or EstatePlus) at this time
• Additional product changes may be required in the future in order to continue to adapt to changing market conditions
• There will not be a formal client communication around the closure of these contracts to additional deposits; you may wish to contact those clients that you anticipate would be looking to make further deposits to their contract
o Using My Clients, you can generate the Segregated Fund Guarantee Values report on demand and at your convenience, which will provide you with an up-to-date listing of your segregated fund contract clients
Segregated fund line-up changes - effective October 31, 2012
Please be advised that changes will be made to the GIF Select, GIF Select (original), GIF, GIF encore, MLIA, MLIP, CAP, and Series R investment options that include:
• Fund Additions
• Capping of Deposits
• Fund Name & Objective Changes
• Fund Closures (effective November 16, 2012)
Fund Additions
To expand the fund offering within GIF Select and GIF Select (original), the following funds will be added on October 31, 2012.
Funds added to all Series in GIF Select & GIF Select (original)
• Manulife CI Bundle GIF Select
• Manulife CI Harbour Bundle GIF Select
• Manulife CI Signature Bundle GIF Select
• Manulife Dynamic Aurion Bundle GIF Select
• Manulife Dynamic Blue Chip Bundle
• Manulife Dynamic Canadian Bond GIF Select
• Manulife Fidelity Income Allocation GIF Select
• Manulife TD Balanced Income
• Manulife Canadian Opportunities Balanced GIF Select (already available in InvestmentPlus and 75 Series)
Funds added only to the InvestmentPlus Series and 75 Series
• Manulife CI Cambridge Canadian Equity GIF Select
• Manulife CI Signature High Income GIF Select
• Manulife Dynamic Blue Chip Balanced GIF Select
• Manulife Dynamic Blue Chip Equity GIF Select
• Manulife Dynamic Strategic Yield GIF Select
• Manulife Dynamic Value Fund of Canada GIF Select
• Manulife Strategic Balanced Yield GIF Select
Capping of Deposits
In a continued effort to manage product risk and equity content, the following funds will be closed to new deposits and switches-in effective October 31, 2012 for IncomePlus Version 2.1 and EstatePlus only. No new deposits or switches-in will be allowed on or after this date.
• Manulife CI Harbour Growth & Income GIF Select
• Manulife CI Signature Income & Growth GIF Select
• Manulife Dynamic Power Balanced GIF Select
• Manulife Dynamic Value Balanced GIF Select
• Manulife Fidelity Canadian Asset Allocation GIF Select
• Manulife TD Dividend Income GIF Select
Effective immediately, no new PACs can be established. Existing PACs (including current fund allocations) will be allowed to continue unchanged, however the scheduled deposit amount cannot be increased.
Name Changes
The following Segregated Funds will be changing names effective October 31, 2012 in all products.
|Segregated Fund Name |New Segregated Fund Name |
|Manulife Diversified Income Portfolio |Manulife Balanced Income Portfolio |
|Manulife Dividend |Manulife Canadian Stock |
Objective Changes
The objective of Manulife Dividend will be changing effective October 31, 2012 in all products. The new objective is "The Fund seeks long-term capital appreciation by investing primarily in Canadian income securities."
Fund Closures
Effective November 16, 2012, we will close the following funds and assets will be switched to the continuing funds for GIF Select, GIF Select (original), GIF, GIF encore, MLIA, MLIP, CAP and Series R.
|Closing Fund |Continuing Fund |
|Manulife Advantage II (Portland)* |Manulife CI Harbour |
|Manulife Canadian Equity* |Manulife Fidelity True North |
|Manulife Canadian Value* |Manulife Canadian Stock |
|Manulife Growth (Multi-Manager) |Manulife Canadian Opportunities |
|Manulife International Equity (Templeton) |Manulife Fidelity NorthStar |
|Manulife Mackenzie Cundill Global Balanced |Manulife Diversified Investment |
|Manulife RBC O'Shaughnessy Bundle |Manulife Opportunities Bundle |
|Manulife RBC/PHN Bundle |Manulife Monthly High Income |
|Manulife Sector Rotation* |Manulife Fidelity True North |
|Manulife Simplicity Aggressive* |Manulife Simplicity Aggressive |
*The underlying mutual funds of these segregated funds are closing
The Simplicity Aggressive Fund currently available in GIF Select has changed and will be closed as a result. Another version with a very similar objective and the same name is being added to the product as it is the best fit as the continuing Fund.
Closing funds will not accept new deposits or switches-in on or after Wednesday, October 31, 2012. Any deposits to the closing funds prior to this date will switch to the continuing fund. Regularly scheduled investments in place [pre-authorized chequing plans (PACs), monthly switches-in and scheduled withdrawal payments (SWPs)] for any of the closing funds listed will automatically move to the continuing fund, unless we're notified otherwise.
If clients had investments allocated to these funds as of Friday July 6, 2012, they could be entitled to fundamental change rights. This means that we will not apply a deferred sales charge should clients decide to withdraw their investment from the contract between Friday September 14, 2012 and no later than Monday November 12, 2012.
Clients will be notified of these changes via the June 2012 statements that they will receive in mid July.
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