Important - Manulife
Important - Information regarding significant changes to your client’s
Registered ACCUMULATION ANNUITY Fund
Registered Accumulation Annuity Fund contracts will have all their policy information converted to a different administrative system April 16,2004. Although this conversion will result in some changes for your clients, the terms of their Accumulation Annuity Fund contract remain intact.
We review and refresh our products regularly, to ensure that they continue to serve
investors’ needs. The conversion of Accumulation Annuity Fund contracts to another system will allow us to consolidate our administrative systems, and provide you and your clients with better service and products.
We are offering you the opportunity to move your Accumulation Annuity clients to Manulife GIF & GIF encore.
To continue servicing your clients with the best choices available, you can provide them with products that offer more choice, growth potential and security – Manulife GIF & GIF encore.
What does this package include?
1. Copies of statements of you affected clients.
2. Details on the transfer programs available to you.
3. A brochure providing you with information on our GIF & GIF encore products.
4. A copy of the communication to your client that details the changes to:
• how their Accumulation Annuity contract will be referred to in future communications,
• to their Maturity Guarantee date
• Death Benefit - improvements
• the funds they’re invested in,
• the cost associated with managing their funds,
• the frequency of when their funds are valued,
• the look of future statements and confirmations.
For more information on the changes being communicated to your clients, we’ve enclosed a copy of the letter for your reference.
You can find additional important information with regards to this conversion in the ‘Legacy Product’ section of Repsource. Login at manulifeinvestments.ca
Thank-you for your continued support of Manulife Financial and the products we offer. We value your business, and will continue to offer your clients the best products and service available.
Sincerely,
[pic]
Paul Partridge
Product Director, Segregated Funds
Manulife Investments
IMPORTANT INFORMATION AND OPTIONS for your Accumulation Annuity clients
Answers to some questions you may have
Does this conversion mean my clients will need to sign a new contract?
No. The movement of their Accumulation Annuity Fund contract information to the new administrative system does not constitute the sale of a new contract. Other than the changes outlined in the communication to your clients, their contract provisions remain intact. This means:
• Maturity values will not be impacted, though clients will see an improvement to their death benefit guarantee values and their original Guarantee Maturity Dates.
Does this now mean that my clients can now make new deposits?
No. The changes made to your client’s Accumulation Annuity Fund contract in 2002, which eliminated the ability to make deposits (including PACs), still apply.
In order for your client to make new deposits, they will need to purchase a new Manulife GIF or GIF encore contract.
Can my client still switch between their Accumulation Annuity Funds?
Yes. We will be moving your client’s current Accumulation Annuity assets to 2 GIF funds, and as of April 16,2004, your clients can switch between these 2 new funds. This means, that in certain sections of future communications to your clients, their Accumulation Annuity Fund contract will be referred to as a Manulife GIF.
Does this mean my client will have access to the full GIF fund line-up?
No. In order to access any additional GIF funds, your clients must transfer their Accumulation Annuity Fund contract a new GIF or GIF encore contract. Once your clients are invested in GIF or GIF encore, they can benefit from the valuable features these products offer.
What options do my clients have?
In the communication to your clients, 3 options were provided:
Option 1 - Maintain their Accumulation Annuity Fund contract as it stands.
If your client elects to remain in the 2 new Accumulation Annuity Funds, the only transactions permitted will be switches between these funds and redemptions.
Option 2 -Transfer their Accumulation Annuity contract to a Manulife GIF or GIF encore contract.
Manulife GIF & GIF encore offer the most choice, growth potential and security
available in a segregated fund investment. By moving their Accumulation Annuity Fund contract to Manulife GIF or GIF encore, they can take advantage of the valuable benefits these products offer.
Option 3 - Clients can elect to redeem their Accumulation Annuity Fund contract, (with the exception of locked-in funds).
Applicable federal or provincial withholding tax charges will apply to withdrawals from registered contracts.
What happens if my client remains invested in their Accumulation Annuity Fund contract past April 16, 2004?
If your client chooses to stay invested in their Accumulation Annuity Fund contract past this date, their contract will be transferred over to the new administrative system. In some future communications your client’s Accumulation Annuity may be referred to as a Manulife GIF however, the terms of their Accumulation Annuity Fund contract will not change. As a Accumulation Annuity Fund contract on the new system, your clients:
• will benefit from daily fund valuation (versus weekly valuation)
• will only be able to request fund switches on paper, and
• will be allowed to make redemptions from their funds, requests on paper.
After the conversion date, can I still use the transfer programs to purchase a GIF
contract for my Accumulation Annuity client?
Yes. Once your client’s Accumulation Annuity Fund contract has been converted to the new system, you can still take advantage of the transfer programs to move your client’s Accumulation Annuity Fund contract to a Manulife GIF contract. Clients who transfer their assets from Accumulation Annuity Option 1 may:
• remain in the new funds that have a capped MER of 1.5% ( Important: if clients decide to switch out of either of these 2 funds, they will not be permitted to switch assets back in),
All clients that have transferred their Accumulation Annuity Fund contract to a GIF or GIF encore contract may:
• choose from over 60 leading investment funds, from 15 different managers – for optimum diversification and growth,
• make new deposits(including PAC’s) to GIF Series 2, and GIF encore Series 1 or Series 2.*
What do I need to transfer your clients?
To complete a transfer to a new GIF or GIF encore contract, you will require a:
1. Point-of-sale kit (MK7137E)
2. Request for Transfer form (NN0897E)
3. Manulife GIF/GIF encore Application (NN0821E), or
Advisor Call Centre
Manulife’s dedicated team of customer service representatives is available from 8:00am to 8:00pm (EST) daily to answer any inquiries about the administration or servicing of your business. Support is available for:
• Manulife Financial advisors: 1-888-790-4387 for all of Canada except Quebec, and 1- 800-355-6776 for Quebec only.
• National Account advisors: 1-877-651-6172 for all of Canada except Quebec, and 1- 800-355-6776 for Quebec only.
On-line information
Repsource, Manulife’s advisor-only Web site, provides information on products and solutions from Manulife Investments. Visit us at: manulifeinvestments.ca
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