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Important dates
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Making your move easy Since we first began the process of bringing The Standard Life Assurance Company of Canada (Standard Life) together with Manulife, we have been completing a number of key regulatory steps to set the foundation for an easy transition process in preparation for your transfer to Manulife’s administrative system. With funds successfully added and your Certificate of Assumption recently issued, we can now take the next step and move your plan. |
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Timing Your Individual Pension Plan (IPP) is scheduled to transfer to Manulife’s administration system on April 22, 2016 (the “Transition Date”). Your new Manulife policy number will become your continuing reference after transition. While the transition will be completed automatically, we want you to know what to expect and where you can get help if you have questions. |
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Transition Guide Your Transition Guide highlights key dates plus information about the transition. Sections display topics of interest for easy review. Specific processes that support your plan’s administration are outlined within the Plan Administration Guide (called the Corporate Investment Options Policy Administration Guide). |
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Your Revised Policy As of the Transition Date, the policy established in connection with your IPP plan will be amended to incorporate the revised terms and conditions applicable to your plan (the “Revised Policy”) following the assumption of the business of The Standard Life Assurance Company of Canada by The Manufacturers Life Insurance Company (Manulife). This transaction was completed July 1, 2015. A summary of the Revised Policy differences is included in the Transition Guide. The complete Revised Policy accompanies the Transition Guide as an attachment with this message. Once the plan has moved to Manulife’s administration system, the Revised Policy will be available on the Manulife Plan Sponsor Secure Site. |
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Provide your Revised Policy to your Advisor, Consultant, or Actuarial Consultant To ensure your plan’s registered status is maintained, please forward a signed, certified copy of the Revised Policy (including the Investment Terms and Provisions) to your Advisor, Consultant, or Actuarial Consultant to be filed with the Canada Revenue Agency (CRA) and applicable provincial government(s). Typically, this filing should be made within 60 days of the amendment’s effective date. Once your plan takes effect at Manulife, you can access your Revised Policy at any time using the Plan Sponsor Secure Site. This will appear on the Bulletin Board. |
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SLXtra bonus Your plan has been receiving an SLXtra bonus. This feature will be discontinued at transition. Instead, the Investment Management Fees (IMFs) on funds offered through the plan will be reduced as outlined in the Service and Fee Agreement in Schedule B – Investment Management Fees for the Market Based Funds. A payment representing the portion of SLXtra Bonus owing up to the transition date will be made. |
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Guaranteed Interest Accounts If your plan includes Guaranteed Interest Accounts (GIAs), any GIA amounts currently held by the plan will transfer with rates and terms intact. However, the way the total rate is calculated will change for new contributions (regular deposits, amounts transferred in, maturing amounts that reinvest, for example). Historically, Manulife’s base rates have been higher than rates set by the former Standard Life and this trend continues. Manulife’s base rates will be maintained; however, the enhancement applied will be reduced by 20 bps. The new plan specific interest rates appear in the Service and Fee Agreement under Schedule A – Fees. This forms part of the Revised Policy provided with this message. Assets in longer-term accounts (such as 5-Year GIAs) will benefit slightly while shorter-term accounts (such as Daily Interest Accounts) will experience a slight reduction. Overall, the net effect on the rates will be neutral. |
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No change in your investments The funds your plan holds will not change as a result of the transition and assets will remain intact through the transition process. If your plan is a Non-Registered Investment Only plan, the transfer of your assets will not give rise to a tax consequence. Once your plan takes effect on the Manulife administration system, the fund names will display differently. For example, the fund originally shown as the Standard Life Global Equity Fund (Beutel Goodman) will become the Manulife Beutel Goodman Global Equity Fund. The fund and its holdings will be maintained; only the name will change. If you have an intermediary (advisor) supporting your plan, that individual has been notified about the transition of your plan. |
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Notification just before your plan moves A reminder message will be mailed to you (and any company personnel currently authorized to act on the plan’s behalf) 15 days prior to the transition date. It will provide the credentials required to log on to the Manulife Plan Sponsor Secure Site. The Manulife Plan Sponsor Secure Site will be accessible beginning the day the plan takes effect on the Manulife system April 25, 2016. Access to the Plan Sponsor VIP Room will be discontinued as of your plan’s transfer date April 22, 2016. |
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