Manulife Financial’s Canadian pension operations today launched a new group retirement income plan product series.

Available exclusively to former members of group pension and savings plans sponsored by Manulife customers, the new product series lets plan members draw retirement income while continuing to have access to familiar investments and services.

“Our advisors and our plan sponsors want their plan members to move into retirement with investments and services they’ve grown comfortable using,” says Bill Sipes, marketing director, Canadian pension operations. “Most sponsors ask about retirement income options when they establish a group retirement savings plan and they’re looking for the same sort of solutions we offer their members when they are saving for retirement.”

Manulife’s new product series includes a Registered Retirement Income Fund, a Life Income Fund, a Locked-In Retirement Fund and a Prescribed Retirement Income Fund. Members can use a combination of the funds to blend retirement income from locked-in and non-locked-in sources.

Retiring plan members can continue to work with either their plan advisors or with Manulife’s team of financial education specialists to evaluate product choices, investment options and payment levels. They also will continue to have access to a full range of Internet and call centre services.

In addition, a new web-based illustrator will make it easy for members and advisors to project their income as they consider their choices.

There are also advantages for plan sponsors.

“Sponsors understand the importance of extending the service through retirement,” Sipes says. “They want to know their plan members will have the same high-quality options during retirement they enjoyed while they were saving. They continue to benefit from the partnership they’ve formed with us as the needs of their plans and members evolve.”