Focus on what you do best.

Let Manulife focus on what we do best.

Our Manulife team will assist you with the administration duties of your VRSP while
you take care of your business.

As a recognized leader in providing group retirement solutions to Canadian businesses, Manulife has developed a cost-effective and easy-to-administer solution for you and your employees. A dedicated team focused on small and medium-sized businesses, combined with our strength as a global financial services company, allows Manulife to offer solutions to respond to the needs of owners and their employees.

Manulife’s Voluntary Retirement Savings Plan (VRSP) has three key advantages:

  • Quick and straightforward set-up process
  • Time savings with fewer administrative tasks for employers
  • Features formerly offered exclusively to large companies

Product features and how they work

Seamless and straightforward, the Manulife VRSP is an easy-to-implement solution that will satisfy your workplace savings plan needs. In an effort to make everything as simple and effortless as possible, Manulife offers the following outstanding features in its VRSP:

Feature Manulife’s enhancements
Easy plan set-up It takes as few as 20 minutes to set up your plan using Manulife’s five step, easy online application.
Lower Investment Management Fees Funds are pooled together from multiple employers to offer employees low investment management fees (IMFs).
Employee eligibility Simply provide your employee information to us and Manulife will monitor when each employee is eligible to participate in the plan.
Automatic enrolment into the plan Manulife will automatically enroll your eligible employees into the plan and mail an Enrolment Notification Package to each one of them. The package will outline the steps that need to be completed to get started with Manulife.
Employees who wish to opt out On your behalf, Manulife will collect employees’ instructions if they decide not to participate in the VRSP.
Member contributions On your behalf, Manulife will collect members’ contribution rate instructions and communicate them to you through the secure website. Your employees can provide the instructions to Manulife through the plan member secure website. For employees who do not select a contribution rate, Quebec has set the VRSP default contribution rates as:

  • 2% from July 1, 2014 – Dec 31, 2017
  • 3% from Jan 1, 2018 – Dec 31, 2018
  • 4% (as of Jan 1, 2019 onwards)
Employer contributions

Should you decide to contribute, Manulife provides you with three flexible contribution options:

  • Match percentage of member contributions (25, 50, 75 or 100%) per pay period up to a maximum annual amount per member
  • Flat amount (percentage or dollar amount) per member per pay period
  • Make contributions at your discretion

Simply submit contributions using Manulife’s secure website and pay using the pre-authorized debit.

Funds offered Manulife’s investment line up is comprised of a low-cost suite of target date funds (table below) designed and managed by Manulife Asset Management. These funds have been indexed to keep costs low for members and offer an actively managed component when there may be certain markets and/or strategies where the benefits of active management outweigh the added cost. If plan members wish to invest in a fund(s) other than Manulife Target Date Fund(s), other investment options are available.
Investments Applying Manulife’s Investment Watch (I-Watch®) program, Manulife offers an investment line up of the best in class funds providing choice to plan members. Investments offered in Manulife’s VRSP will be monitored using the program’s best practices approach to ensure that the fund managers adhere to their investment mandates over time.
Member services Manulife promises to provide a member experience at par with participants in larger plans. Members will be provided access to Manulife’s industry leading retirement education tools like the STEPS Retirement Program®, annual member statements to show the member’s account activity over the past year, secure website to view and manage their accounts, and access to Customer Service Representatives and 1-800 Financial Education Services and Transition Specialists.
Payroll integration

Manulife has partnered with leading payroll providers to offer payroll integration with the Manulife VRSP providing the following benefits:

  • Save time - By utilizing the integration features, you save time each payroll cycle and the process of remitting contributions to Manulife is made easier.
  • Improve the accuracy of data - Pre-populated data from your payroll solution reduces human error and provides improved accuracy.
  • Focus on your business – Having integrated services that are set up to manage your VRSP and payroll will provide you additional time to focus on your business – not plan administration.
Manulife’s Target Date Funds
Manulife Target Date Funds: Investment Management Fee (IMF)
Manulife Target Date Income Fund 1.087%
Manulife Target Date 2020 Fund 1.087%
Manulife Target Date 2025 Fund 1.087%
Manulife Target Date 2030 Fund 1.087%
Manulife Target Date 2035 Fund 1.087%
Manulife Target Date 2040 Fund 1.087%
Manulife Target Date 2045 Fund 1.087%
Manulife Target Date 2050 Fund 1.087%
Manulife Target Date 2055 Fund 1.087%
Additional Investment Options Available
Other investment options Investment Management Fee (IMF)
Manulife Daily High Interest Fund 0.850%
Manulife Asset Management Canadian Bond Index Fund 1.305%
Manulife Balanced Index Fund 1.305%
Manulife Asset Management Canadian Equity Index Fund 1.305%
Manulife Global Equity Index Fund 1.305%

Need help?

Manulife's VRSP support team is here to help