TSX/NYSE/PSE: MFC SEHK:945
Quebec leads as first province in Canada to implement a pooled
registered pension plan - called a Voluntary Retirement Savings Plan
WATERLOO, ON, July 16, 2014 /CNW/ - Manulife announced today that The
Régie des rentes du Québec has approved its Voluntary Retirement
Savings Plan (VRSP) product. That means July 17, 2014 will mark the
first time over a million Quebecers will have access to a workplace
savings plan with a VRSP offered by Manulife.
"Our research shows that over 40 per cent of workers in Quebec are
without a workplace savings plan and Manulife's VRSP can help fill the
gap," said Robert Tellier, Regional Vice President. "With Manulife's
VRSP and its innovative, online eApplication process, organizations can
offer a workplace savings plan to their employees that is simple,
affordable and easy to maintain. Most of the administrative work is
with Manulife, not the employer."
A recent Manulife study found that a majority of Quebec's small business
owners feel they have an obligation to help employees save for
retirement. A Manulife VRSP offers small businesses the chance to do
this.
Manulife's VRSP will take the administration burden off the employer by:
-
Monitoring the eligibility of employees
-
Automatically enrolling employees as they become eligible
-
Sending an Employee Notification Package to each employee once they've
been enrolled
-
Collecting employees' instructions if they choose not to participate in
the plan
-
Collecting members' contribution rate instructions and communicating
monthly to employers through the secure website
Flexible sales approach
Manulife has developed two distinct sales models for its more than 2,200
group and life-licensed advisors in Quebec to choose from when selling
the VRSP.
The introduction model allows an advisor to reach out to clients about
the VRSP, and then forward the contact information of all interested
clients to Manulife to complete the sale. The full-service model
enables an advisor to manage the entire application process with their
clients. Advisors can select the model that meets their own specific
needs, with compensation either way.
Employers can also self-serve by purchasing a Manulife VRSP using a
dedicated phone number or via Manulife's VRSP website - vrsp.com, which
has been designed for quick and easy plan set-up.
Forward Thinking Integrated payroll solutions
Manulife has partnered with Sage North America and Ceridian Canada to
offer an integrated payroll/VRSP option. Employers have the ability to
bundle their VRSP with complementary software and payroll services into
one complete package for an easy, seamless blending of business
processes.
VRSP-dedicated team in Quebec
In preparation for the launch of the VRSP, Manulife has invested heavily
in Quebec's economy by locating its VRSP operations in Montreal. The
sale support centre includes staff who are trained to manage day-to-day
plan administration, advisor and consumer phone support, and a team of
VRSP consultants to help advisors and employers who need face-to-face
support.
In September 2013, Manulife was the first Canadian company to be issued
a license to be a PRPP administrator by the Office of the
Superintendent of Financial Institutions (OSFI).
For more information about VRSP or PRPP please visit: www.vrsp.com or www.prpp.com
About Manulife
Manulife is a leading Canada-based financial services group with
principal operations in Asia, Canada and the United States. Clients
look to Manulife for strong, reliable, trustworthy and forward-thinking
solutions for their most significant financial decisions. Our
international network of employees, agents and distribution partners
offers financial protection and wealth management products and services
to millions of clients. We also provide asset management services to
institutional customers. Funds under management by Manulife and its
subsidiaries were approximately C$635 billion (US$574 billion) as at
March 31, 2014. Our group of companies operates as Manulife in Canada
and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
SOURCE Manulife Financial Corporation
