WATERLOO, ON, May 18, 2006 – Manulife Financial is launching two new services for Capital Accumulation Plans (CAP) as part of its continuing commitment to ease plan management for plan sponsors and engage plan members to prepare for their own retirement.
Manulife’s Certified-Diversified Program will warrant that plan sponsors who offer a specified range of investment styles and selections successfully fulfill the Capital Accumulation Plan Guidelines (CAP Guidelines) for appropriate investment diversification. Sponsors whose plans meet the criteria are eligible for an Investment Diversification Warranty as part of the Certified-Diversified program. The warranty protects plan sponsors from financial losses resulting from legal action that challenges the adequacy of the plan’s investment diversification.
Personalized Member Newsletters set to accompany mid-year member statements will offer custom options by combining articles targeted to readers’ age range, their savings behaviour and the type of plan in which they participate. The newsletters serve as an ideal complement to industry-leading, personalized statements that earned top marks from independent reviewers last fall for clarity of information and delivery of detail to each individual recipient.
“While these new services have specific benefits for plan sponsors and plan members, their combined value is how they reinforce overall plan governance,” explains Mike Collins, Marketing Vice President for Group Savings and Retirement Solutions.
“Guidelines around diversity in any plan investment line-up are key for sponsors,” he said. “But having tangible assurance – like this warranty – takes assurance to the next level. Member engagement continues to be a leading challenge for our industry so every step we take that makes the message matter for each member is vital.”
These service options extend Manulife’s ongoing program to ease pension planning for sponsors and their members, including enhanced reporting capabilities plus additions to the Online Governance Resource Centre.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$386 billion (US$330 billion) as at March 31, 2006.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com