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Repsource > Tools & Illustrations > Illustrations > Manulife PensionBuilder

Manulife PensionBuilder

Illustration Description

An illustration can be run, using information specific to your clients, to show them the Total Income Amount available in their Manulife PensionBuilder contract.

You have the option to save your Illustration for future use.  To do this, ensure you enter a unique description of the Illustration (ie. Mr John Smith).  This becomes the Illustration name shown in your “Saved Illustration” list and will help you to identify and retrieve at a later date.

It’s important to note that in order to save an Illustration, you must be logged into Repsource.

 Advisor Profile

This displays your information, as it is set up under Advisor Profiles.  Up to 30 advisors can be added under Advisor Profiles.  If there’s more than one advisor name listed, ensure you use the drop down menu to highlight and select the advisor whose name should appear on the printed illustration.

If you wish to add, delete, or modify advisor information, please click on Advisor Profiles, make your modifications and remember to save the edits before exiting.

You may also select a default advisor profile by clicking on the radio button on the left hand side of the Advisor Name and clicking the “Set as Default” button.

 Annuitant Details

The name of the annuitant is required to personalize the illustration for printing and saving.  The date of birth is required to confirm eligibility for the product and the tax type.  The sex is required to determine the Deposit Income Rate applicable. Deposit Income Rates are different for Single Life male and Single Life female. Please use the drop down menu to indicate the annuitant’s date of birth.

If the Joint Life Income Option is desired, check the box for “Joint Life Income Option” and enter the spouse’s information.

If the RRIF minimum is to be based on the spouse’s age, please click on the box displayed for spousal information. Note that we reserve the right to restrict the use of the spouse’s age in determining the allowances made for Contracts with legislated minimums.

 Contract Details

Province
The province of residence is required to ensure the contract meets with provincial tax and legislative requirements.  To illustrate (LIRA, LIF, LRIF, RLIF, or PRIF) please select the correct pension jurisdiction.  Use the drop down menu to highlight and select the appropriate province.

Tip:  PBSA is the jurisdiction for federally locked-in pension money.

Tax Type
The tax type is necessary to determine eligibility and to comply with legislative rules for income payments.  Use the drop down menu to highlight and select the tax type of the contract you wish to illustrate.  Once you select the province of residence or jurisdiction (if applicable) , only the available tax types will appear.

 Illustration Scenarios

The illustration scenarios represent hypothetical Manulife PensionBuilder fund return scenarios.  The scenarios are for illustration purposes only and should not be deemed a representation of past, or future performance or a guarantee of future performance.

Use the drop down menu to select from among the available options or select Fixed Rate to enter your own return scenario.  By hovering over Returns, the rates or returns used in the selected scenario will be displayed.  The average rate of return is based on the Illustration scenario values in this table.

 Deposit Details

Use the drop down menu to indicate the deposit date and amount of the first deposit.  If your client intends to make additional deposits on future dates, click on the “MORE” button and an additional deposit line will appear – enter the deposit date and amount of the deposit.   Future additional deposits to the contract are based on current Deposit Income Rates that are not guaranteed. You can enter up to 60 future deposits.

To set up scheduled deposits (PACs), click the “show scheduled deposits” check box.  Enter the dollar amount, start and end years for the scheduled deposits, as well as the frequency. Future additional deposits to the contract are based on current Deposit Income Rates that are not guaranteed. Note:  Scheduled deposits are not allowed where scheduled withdrawals exist.

Deposits are not allowed after December 31 of the year in which the annuitant or Joint Life attains age 90 for Non-Registered, age 80 for RRIF, LIF (in some provinces), LRIF, PRIF, RLIF tax types, and age 71 for RRSP, LIRA and LIF (in some provinces).

 Withdrawal Details

Scheduled Withdrawal Method
Scheduled withdrawals are regularly scheduled payments clients wish to receive.  Use the drop down menu to select the withdrawal method you wish to illustrate.  Over the life of the contract you may use one or a combination of withdrawal methods by indicating the start and stop dates of each withdrawal method.  The withdrawal methods available are:
Withdrawal Method Description
None No withdrawals to be illustrated
Total Income Amount This is the annual guaranteed Total Income Amount that is available for life as early as age 50.For RRIF contracts, we will automatically pay the greater of the RRIF minimum orthe Total Income Amount.  If this method is chosen, clients are guaranteed to maximize their guaranteed income without exceeding the withdrawal thresholds.
RRIF Minimum This is the legislative minimum amount that must be withdrawn annually, based on the annuitant’s age.
LIF/LRIF Maximum The legislative maximum amount that can be withdrawn annually, based on the annuitants age and pension jurisdiction selected.  Note: this option should be used with care as it may cause the amount withdrawn to exceed withdrawal thresholds (LIF maximum only).
None (Nominee Name Only) This option will allow clients to delay taking withdrawals from an income plan if legislative minimums are being taken from another holding in a Nominee plan.
Dollar Amount You may enter a custom dollar amount that the client would like to receive on an annual basis.

Start  Income Age (year)
Use the drop down menu to indicate what year client(s) wish to start taking withdrawals from their contract.  

For locked-in contracts, the illustration assumes the deposit does not originate from an income plan.  Generally, income can only start in the 2nd year when monies are transferred from an existing income plan.

End Income Age (year)
Use the drop down menu to indicate what year client(s) wish to stop their withdrawals. You can illustrate up to a maximum of 60 years of withdrawals or to contract maturity, whichever is earlier.

Tip:  The end year can be changed if the client wants to stop and start withdrawals and/or select a different withdrawal method.  If an end year is selected that is not the final year of the illustration, a “MORE” button will appear that allows a second withdrawal method to be added.

Unscheduled Withdrawal Amount
You can choose to illustrate unscheduled (adhoc) withdrawals in addition to or instead of choosing a scheduled withdrawal method.

Unscheduled withdrawals are adhoc or unscheduled payments that the client wishes to receive.  This may be in addition to Scheduled Withdrawals or the client can choose to take payments using only the unscheduled method.

 Saving and Creating your Illustration

Once you have added the information into all of the required fields, please click the Save button to save your work.  To create and view the illustration report, please click on the Create Report button.  It may take a few minutes to create and display your illustration..

 

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