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Repsource > Tools & Illustrations > Illustrations > Manulife RetirementPlus

Manulife RetirementPlus

Illustration Description

An illustration can be run to show clients the features of  Manulife RetirementPlus, from depositing into the Savings Phase, Transitioning to the Preservation Phase and eventually Electing to take a Total Income Amount for life.  You can customize the illustration by using information specific to your clients.

If you are logged into Repsource, you will have the option to save your inputs for future use.  To do this, ensure you enter a unique description for the illustration (i.e. Mr. John Smith).  This becomes the illustration name shown in your “Saved Illustrations” list and will help you identify and retrieve it at a later date.

Advisor Profile

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

If you wish to add, delete or modify the 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 for the tax type.  Please use the drop down menu to input the client’s date of birth.  The sex is required to determine the proper payout percentage for the contract.  Please use the drop down menu to indicate male, female or Joint Life.  

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 Amount 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 of Residence

The province of residence is required to ensure the plan meets with provincial tax and legislative requirements.  Use the drop down menu to highlight and select the appropriate province.

Pension Jurisdiction

For LIRA, LIF, LRIF. RLIF or PRIF please use the correct pension jurisdiction.

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 plan you wish to illustrate.
 
Illustration Scenarios

Please use the drop down list to select a pre-determined Illustration Scenario that corresponds with the client’s investor style.  The pre-determined scenarios assume the asset mix chosen grows at a hypothetical rate of return that fluctuates annually.  You may also choose to input a Fixed Illustration Scenario by selecting Fixed Rate.  If a Fixed Rate is selected, it will be a constant rate throughout the illustration.

By hovering over the ‘Returns’, the rates of the return utilized in the selected scenario will be displayed.  The average rate of return is based on the Illustration Scenarios in this table and will vary based on the number of years illustrated

The hypothetical Illustration Scenarios are for purposes of illustration only and should not be deemed a representation of past or future performance or a guarantee of future results.

The illustration will always show a current and declining Rate scenario.  In order to include an increasing Rate scenario, select the ‘Click here to include a rising interest rate scenario’ button.

Rates are hypothetical projections of how the Income Rates and Income Credit rates may move in the future, rates are not guaranteed and are used for illustration purposes only.

 

 Deposits

Use the drop down menu to indicate the deposit date and amount of the first deposit into the Manulife RetirementPlus contract.  If you wish to make additional deposits at alternate future dates, please click on the ‘MORE’ button and an additional deposit line will appear.  Enter the deposit date and amount of the deposit.  You can enter up to 60 future deposits.

To set up scheduled deposits (PAC), click the ‘show scheduled deposits’ check box.  Enter the dollar amount, start year, end year and frequency of deposits.

Note:  Scheduled deposits are not allowed where scheduled withdrawals exist.

 

 Transitions

Transitions are the movement from the Savings Phase to the Preservation Phase..  The Transition methods available are:

Transition Method Description
All at Once Transition Allows you to Transition all of your market value and Accumulated Income Credits from Savings to Preservation at one time.  Enter the desired Transition date.
All Over Time Allows you to Transition your market value and Accumulated Income Credits  from Savings to Preservation over a specified number of years.  Enter the desired frequency, start year and number of years to Transition.
Ad hoc Transition Allows you to Transition a lump sum amount of your market value and Accumulated Income Credits from Savings to Preservation at one time.  Subsequent adhoc Transitions can be added by selecting the more button.  Enter the desired Transition date, dollar amount or percentage.  To add subsequent adhoc Transitions, select the more button.
Scheduled Transition Allows you to Transition a scheduled amount of your market value and Accumulated Income Credits  from Savings to Preservation at a specified amount and frequency over a specified duration of time.  Enter the desired Transition amount, frequency, start year and number of years.  To ensure that all your market value and Accumulated Income Credits  from Savings is Transitioned to Preservation by the end of the schedule, click “Remaining balance Transitioned in final year”.

 

 Withdrawals

Scheduled Withdrawal Method

Scheduled withdrawals are regular scheduled payments the client wishes to receive.  Please 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 for the years specified
Total Income Amount The Total Income Amount will be withdrawn. For RRIF/LIF Minimum Amount the greater of the Total Income Amount or RRIF/LIF Minimum Amount will be withdrawn.
RRIF Minimum The legislative minimum amount that must be withdrawn annually based on the annuitant’s age.  Applicable to RRIF and LIF Minimum Amount(s).
LIF/LRIF Maximum The legislative maximum amount that can be withdrawn annually based on the annuitant’s age and provinces selected.  Note, this option should be used with care as it may cause the amount withdrawn to exceed the withdrawal thresholds (LIF Maximum only).
Dollar Amount You may enter a custom dollar amount that the client would like to receive on an annual basis.  

For scheduled withdrawals, select withdrawal method from the drop down menu.  If applicable, enter the withdrawal source (Savings or Income Phase).  Enter the dollar amount, start year, end year and frequency.

Unscheduled Withdrawal Method

To illustrate unscheduled withdrawals, click “Click here to show unscheduled withdrawals on illustration”.  Enter the withdrawal date, withdrawal source and dollar amount.  To illustrate multiple unscheduled withdrawals, click the more button and repeat.

Please note: Withdrawals from Savings Phase proportionally reduce Income Credits

 

 Saving and Creating your Illustration

Once you have entered the information in all of the required fields, please click “Save Inputs” to save your work.  To create and view the illustration inputs, please click on “Saved/Favorites” to view your inputs – then click “Create Report” to generate a PDF of your illustration.

 

 

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