In response to advisor feedback, we have updated our January 15, 2018 instructions for 10% free money movement for former Standard Life segregated fund contracts:
If your clients wish to have the free amount taken proportionally based on the latest market value, we will accept 10% free & matured switch instructions from Back-end load, Low-load to No load funds without specific dollar amounts.
Your clients may also decide to allocate the 10% free amount between existing funds in other ways, since these contracts calculate the 10% free at a contract level and not by fund. In this case you must provide us with specific instructions for each fund.
Free & matured switch request process
· Use the Fund Switch form (NN0827) and list all applicable funds
· Indicate one of the following on the form:
· Switch all 10% free proportionately OR
· Switch all 10% free & matured proportionately
List all Back-end load and/or Low-load funds as illustrated below:
Note: Requests submitted on a letter of direction and not the Fund Switch form (NN0827), will be delayed, if instructions are not provided as outlined above, including the date and time of client contact.
Online Transactions
Currently, 10% free & matured switch requests cannot be entered in Online Transactions (OLT) and must be submitted as a paper transaction. Manulife will calculate amounts based on previous day market values. We are working to fully support former Standard Life fund switching in OLT and will provide an update as soon as it’s available.
Questions?
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