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).
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