Advance Notice: Manulife introduces a new transfer option for GIF Select
Effective September 5, 2017, Manulife Investments will introduce Transfers Within GIF Select, a new transfer option for existing GIF Select (MGF) and GIF Select (original) (MGS) clients.Clients who purchased our legacy IncomePlus and EstatePlus products may have realized a change in their investment needs since originally purchasing their contract. We created the Transfers Within GIF Select option to offer those clients in legacy contracts more flexibility and choice and enable them to move into an investment solution that may better match their current investment objectives.
This option allows clients holding GIF Select (MGF) IncomePlus Series or EstatePlus Series or GIF Select (original) (MGS) IncomePlus Series to complete a contract amendment and process a full transfer to the applicable InvestmentPlus Series or 75 Series within their existing contract. Transfers are processed same day and are same load type to same load type, allowing DSC and free amounts to carry over. Additionally, same fund to same fund movements will not incur a taxable disposition.
It is critical that you establish the appropriateness of the Transfers Within GIF Select option for your client as this option will result in the loss of guarantees associated with the applicable IncomePlus Series or EstatePlus Series and will be replaced by InvestmentPlus or 75 Series guarantees.
We have created a new form to facilitate Transfers Within GIF Select: contract amendment (NN1667). Review this amendment form with your client and have all owners sign the form acknowledging they understand and agree to the contract amendments, including the loss of guarantees. This process is currently not available via Online Transactions or FundSERV.
More information about the new Transfers Within GIF Select and GIF Select (original) option is available on Repsource.
If you have any questions about this option, please contact your Manulife wholesaler or call the Manulife Customer Service Centre at 1‑888‑790‑4387, Quebec Residents 1‑800‑355‑6776.