Toronto - Manulife’s newest communication tool for pension plan members – the innovative Member Progress Report – will be introduced in July to members of group retirement savings plans with Manulife across Canada.
This clear, member-friendly statement is another exciting addition to the services Group Savings and Retirement Solutions (GSRS) provides for plan sponsors and their members.
The first page of the Member Progress Report displays the information members value most: current account balance plus an estimate of annual retirement income. The statement also highlights items that may require members’ attention including beneficiary designations and investment directions.
“The new Member Progress Report builds on the foundation that makes our original statement the leader in the Canadian marketplace,” said Paul Lorentz, Manulife’s Senior Vice President, GSRS. “After reading their new statement, plan members will have a clear sense of where they stand currently along with an estimate of where they can expect to be at retirement.”
The Member Progress Report gives members a better understanding of how to save for a comfortable retirement by offering suggestions to members who are not on track to meet their retirement goals. This feature helps to close a key knowledge gap identified among Canadian investors. In a recent survey conducted by a Canadian benefits publication, 69% of plan members felt that retiring comfortably was very important, yet only 34% of plan members felt they had a good understanding of how much they will need to save to achieve this.
“While the Member Progress Report enhances the information we deliver to plan members, it also supports plan sponsors’ efforts to provide effective plan governance,” added Mr. Lorentz. “This new Report delivers vital information to their members effectively on a continuing basis – an important consideration from a CAP governance perspective.”
With this innovation, Manulife takes its next step towards being the Canadian group savings provider that best engages plan members in building a more comfortable retirement. The Member Progress Report – in concert with Manulife’s Steps Retirement Program ® and Personalized Member Newsletters – ensures that plan members receive personally relevant information on a regular basis.
Plan members will receive their first Member Progress Reports in July 2007. Members will continue to receive Manulife’s more detailed offering – ranked #1 by Dalbar in its most recent review of defined contribution statements – at December 31 of each year.
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$426 billion (US$370 billion) as at March 31, 2007.
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.
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