Manulife PensionBuilder (version 2)
- Product name
-
Manulife PensionBuilder
- Description
-
For contracts sold between October 11, 2011 and October 25, 2013
- Product type
-
Segregated Fund Contract
- Original Company
-
Manulife
Product snapshot
Funds available
For more details, visit Price and Performance.
Fund minimum
- $500 minimum per fund per sales charge option
- $100,000 minumum per fund for Elite Pricing1
Subsequent deposits
- $500 minimum per fund
PAC deposits
- No new PACs can be established
- Existing PAC arrangements cannot be increased
- Minimum $50 per fund per sales charge option
Maximum deposit
Contact head office for deposits that will cause the market value to be greater than $1,000,000
Withdrawals2
Ad hoc: Minimum $500 per fund
Scheduled: Minimum $100 a month per fund
Switches
N/A
Age Limits
Contract Types |
Latest Age to Deposit* |
Latest Age to Own* |
|---|---|---|
Non-registered, TFSA, LIF, RRIF, LRIF, PRIF, RLIF |
90 (for Front-end, Low-load and F-class sales charge options in Non-registered and TFSA Contracts only) 80 (for Back-end sales charge option in Non-registered and TFSA Contracts and all sales charge options in the Registered Contracts listed) |
100 |
RRSP, RLSP, LIRA |
71** |
71** |
LIF (pension jurisdictions requiring annuitization at age 80) |
71 |
80 |
Important disclosure
*All dates are as of December 31 of the annuitant's age or older of the annuitant and Joint Life's age, if applicable, except RRSP, RLSP, LIRA and LIF (in pension jurisdictions requiring annuitization at age 80) where all dates are as of December 31 of the annuitant's age.
**Or latest age to own under the Income Tax Act (Canada).
Features
- Ability to bypass estate costs
-
Yes
- Potential for creditor protection
-
Yes
- Waiving redemption fees upon death
-
Yes
- Ability to name a successor annuitant
-
No
- Ability to name successor owner³
-
Non-Registered contracts only
- Joint Life Option
-
Yes
Fees
Management Expense Ratio (MER)
- The MER includes all management fees, operating expenses and insurance fees
Sales Charge Options
- A sales charge option may be paid at the time of deposit or on a deferred basis depending on the load option chosen.
- Refer to Sales Charge Options section for more information.
Other Fees
- A Small Policy Fee may apply if your Benefit Base balance is below the initial Deposit minimum listed in this document.
- Charges may apply for certain transactions including withdrawals
- For additional detail, refer to the Information Folder and Contract documentation.
Load Options
Back-end, Back-end Elite, Low-load, Low-load Elite, Front-end, Front-end Elite and F-class
Guarantees
Death guarantee
75% of deposit value or current market value, reduced proportionally by withdrawals
Maturity guarantee
75% of deposit value or current market value, reduced proportionally by withdrawals
Payout guarantee
N/A
Income guarantee
Income Benefit Guarantee
- Provides a dependable stream of guaranteed income for life, starting as early as age 50
- May increase for additional deposits or through Income Bonuses
Annual Income Benefit Payout Percentage
The percentage used to calculate the Annual Income Benefit at the time of election, depending on the age when the decision to take income is made
Income Bonus4
- Increase to the Benefit Base in each year that no withdrawals are taken. Available for the life of the contract
- Increase is equal to 5% of the Bonus Base
- Income Bonuses are not cash deposits; they increase the basis for calculating guaranteed income
Annual Income Benefit Options
- Single Life Payout Option
- Available as early as January 1 of the year the annuitant turns age 50
- Joint Life Payout Option
- Based on the lives of the annuitant and his/her spouse 5
- Available as early as January 1 of the year the younger spouse5 turns age 50
Sales Charge Options %
Redemption Fees made during the first 7 years following the date of deposit |
|||
Year |
Back-end & Back-end Elite |
Low-load & Low-load Elite |
Front-end, Front-end Elite & F-class |
|---|---|---|---|
Year 1 |
5.50 |
2.50 |
N/A |
Year 2 |
5.00 |
2.00 |
|
Year 3 |
5.00 |
1.50 |
|
Year 4 |
4.00 |
0.00 |
|
Year 5 |
4.00 |
0.00 |
|
Year 6 |
3.00 |
0.00 |
|
Year 7 |
2.00 |
0.00 |
|
Year 8 and subsequent years |
0.00 |
0.00 |
|
Note: There may be an additional 2% fee charged if the client takes an unscheduled withdrawal from Manulife PensionBuilder within one year of a deposit.
Important disclosure
1 Elite Pricing deposits of $1,000,000 or more receive a reduced MER. Minimum investment amounts for Elite Pricing can be met by combining investments in certain situations. 2 Withdrawals may result in tax consequences. 3 In the province of Quebec, a successor owner is known as a subrogated policyholder. 4 Does not include any promotional Income Bonus rate that may be offered. 5 The Joint Life must be the spouse or common-law partner (as defined in the Income Tax Act (Canada)) of the annuitant. Once named, the Joint Life cannot be changed.
The Manufacturers Life Insurance Company (Manulife) is the issuer of insurance contracts containing Manulife segregated funds and the guarantor of any guarantee provisions therein.
This is a quick reference guide only. For full contract provisions, refer to the product’s Information Folder, Contract & Fund Facts.