EquiNet Equitable Life's advisor site

Administration Reference Guide for Individual Wealth

This guide gives you the information you need to administer and maintain policies. It is designed in an easy-to-use format. The links offer quick access to forms and the comments give tips on how to complete client requests.
Activity Requirements Comments
Address Changes Address Change Request Address changes can only be requested by the owner of the policy, their Power of Attorney (POA), or the Advisor of Record/MGA. We cannot accept requests from spouses, or anyone else.

Advisors may request address changes for their clients by using the Address Change Request. A similar form is available to clients through their Client Access account, by accessing their profile.

Alternatively, advisors and clients may request address changes by mail, by phone at 1.800.668.4095, or by email to individualwealth@equitable.ca 

* Please note that we cannot direct client’s mail to the advisor’s address.
Agent of Record Changes Agent of Record Change Request (#891) The new agent must be fully licenced and contracted with Equitable. For further details, please contact your MGA, or FieldPayroll@Equitable.ca.

Any commissions arising from new business will be paid to the writing producer at that time.
 
* Please note that when an advisor of record is changed on a policy, any existing Limited Trading Authorization (LTA) is cancelled. See the “Limited Trading Authorization” section for further details.
Annuity Quotes (Payout Annuities) Online Annuity Quotation Tool You can run your own annuity quotes by using the Online Annuity Quotation Tool.

You may also request a custom quote for payout annuities that fall outside of the minimum/maximum thresholds by completing the Custom Annuity Quote Template (#687) and sending it to AnnuityQuotes@Equitable.ca.
 
* Please refer to the Rate Guarantees section for details on guaranteeing the rate used for annuity quote.
Asset Rebalancing Asset Rebalancing (#2247) Asset rebalancing is available on Equitable GIF and helps clients maintain their desired investment allocation over time. Clients can set specific percentage allocations for each fund, and the assets will be automatically
rebalanced back to those targets on a quarterly, semi-annual, or annual basis.

Key Details:
  • Available on all registration types.
  • Minimum dollar value per fund is $25/fund
  • Rebalancing can only be applied to funds that share the same sales charge option, within the same contract.
  • Only one active asset rebalancing record is allowed per contract at any given time.
  • If requested on the application, rebalancing will be set up once the account is funded. Otherwise, it can be added any time after funding.
  • If the scheduled rebalance date falls on a weekend or an invalid calendar date (e.g., February 30), the trades will be processed on the next business day.
  • No commissions are paid or charge backs are generated.
Important Tax Note:
For non-registered contracts, asset rebalancing may trigger capital gains or losses on the units transferred. These are considered capital dispositions and may have tax implications.
 
Banking Changes Void Cheque or
Bank Direct Deposit Form		 We are unable to accept banking information over the phone. To update banking, you will need to provide acceptable proof of banking.

Must be either:
  • Void cheque pre-printed with the client’s name and banking information (no starter/counter cheques), or
  • Direct deposit form completed by the bank. If the direct deposit form from the bank includes handwritten information, it must include a stamp from the bank branch.
Banking changes can relate to pre-authorized debits, or direct payments to the client. Please refer to applicable sections for additional requirements.
Beneficiaries Beneficiary Change Request Form - Savings & Retirement (#671BCFSR) or
Annuity Settlement Option Form (#455)		 Relationship to the insured (annuitant) is required on all beneficiary designations.
 
If no beneficiary is named on a policy, the death benefit will be paid according to applicable law, to the Estate of the owner.
 
* A Power of Attorney (POA) cannot name a beneficiary on a policy. If the client is not capable of making a designation and signing the request themselves, then it will be as though no beneficiary has been named and any death benefit will be paid according to applicable law, to the Estate of the owner.
 
Minor Beneficiaries:         
The date of birth is required for all minor beneficiaries.

A trustee must also be named for all minor beneficiaries (except in Quebec). The proceeds will be paid to the trustee if the beneficiary is a minor. Once the beneficiary reaches the age of majority, the proceeds will be paid directly to the beneficiary, according to applicable law. This does not apply in Quebec.

Irrevocable Beneficiaries:
Where Quebec law applies, designation of the owner’s spouse (married or common-law) is irrevocable, unless the owner stipulated the designation to be “revocable.”
 
Outside of Quebec, if a beneficiary is to be designated as irrevocable, that must be specified next to the beneficiary’s name on the designation.
 
Irrevocable beneficiaries are not permitted on assigned policies (collateral for an investment loan).
 
The signature of the irrevocable beneficiary is required to make any future beneficiary changes or any withdrawals or changes to the policy unless the irrevocable beneficiary signs off on it or releases their interest as a beneficiary.
 
Beneficiary Changes:
All beneficiary change requests must be received on either a Beneficiary Change Request Form - Savings & Retirement (#671BCFSR) or an Annuity Settlement Option Form (#455).
 
The form must be signed by an uninterested witness (i.e., not one of the named beneficiaries) and any irrevocable beneficiaries.  Ensure the form must be completed in full, even if only some of the beneficiaries are changing. This form becomes the new beneficiary designation, and so all beneficiaries must be listed.
 
Annuity Settlement Option:
The Annuity Settlement Option Form (#455) allows clients to choose to have a death benefit paid to the named beneficiary(s) in the form of a Payout Annuity, instead of a lump-sum payment.
 
Form should be completed with details of all beneficiaries, even if some of them are going to be receiving the death benefit in the form of a lump sum.
 
Use a separate line for each named beneficiary, and indicate what percentage, if any, of the death benefit should be paid in the form of an annuity.
 
The owner can specify the duration of the annuity, the frequency, guarantee period, etc.
 
The form must be signed by an uninterested witness (i.e., not one of the named beneficiaries) and any irrevocable beneficiaries.  Ensure the form must be completed in full, even if only some of the beneficiaries are changing. This form becomes the new beneficiary designation, and so all beneficiaries must be listed.
 
* The beneficiary will be required to complete an annuity application when the death benefit on the original policy becomes payable. A separate annuity policy will be issued for each applicable beneficiary.
 
If a life annuity is selected, it will be based on the life of the beneficiary. Policy provisions, interest rates and first annuity payment date will be determined by our then current administrative rules and set out in the beneficiary’s annuity contract. Proof of age/identity for each applicable beneficiary is required prior to commencement of the life annuity.
 
If we are not provided with satisfactory proof of age, the death benefit will be paid as a 10-year Term Certain Annuity.
Conversion of Registered Funds (RRSP to RRIF, LIRA to LIF) RSP to RIF Conversion Form (#1673)
FHSA to RSP/RIF Conversion Form (#2120)		 Clients with registered policies are required to move the money into an “income product” by the end of the year in which they turn 71. Contractually, clients with RRSP or LIRA policies may choose to “convert” their existing contract into an RRIF or LIF policy; this means that the provisions of the original contract continue.

Clients can use the RSP to RIF Conversion Form (#1673) to convert their RRSP or LIRA to a RIF or LIF prior to the end of the year in which they turn 71. 

The RSP to RIF Conversion Form (#1673) can be used to convert the following products: 
•Equitable GIF
•Pivotal Select  
•Pivotal Solutions
•Pivotal Solutions DSC
•Pivotal Solutions II
•Personal Investment Portfolio
•Daily/Guaranteed Interest Account 
Death Claims Claimant’s Statement for Individuals (#1516) – required if the beneficiary is a person.
 
Claimant’s Statement for Entities (#1969) – required if the beneficiary is an Estate, company, trust, charity, or other entity.
 		 Please notify Equitable as soon as possible upon the death of a client, whether or not the policy has a death benefit. You can contact us by phone at 1.800.668.4095, or by email to individiualwealth@equitable.ca. To initiate a death claim, we will need to know the name of the deceased and their date of death.
 
Requirements to settle the death benefit may vary, depending on the specific policy, and will be advised by the S&R Claims team; however, possible requirements include:
  • Copy of proof of death – Death Certificate or Funeral Director’s Statement
  • Claimant’s Statement and void cheque for each named beneficiary
  • Return of all payments issued after death – may be returned by cheque made payable to Equitable Life, or by Online Banking Bill Payment.
  • Proof of Executorship (required if the Estate is a beneficiary, or to release information directly to the Executor(s) of the Estate)
  • Proof of age, SIN (Social Insurance Number) and void cheque – Required if payments are to continue to the beneficiary/successor annuitant.
 Note:  Please do not send original documents. Copies may be submitted by email to individiualwealth@equitable.ca or by fax to 519-883-7404.
 
Leveraged/Assigned Policies:
Please note that we are unable to pay the beneficiar(ies) directly for policies assigned to lenders as collateral for a loan. Once all requirements are received, the full death benefit will be paid to the lender to satisfy the loan, and the loan company will distribute the balance of the funds, if applicable, to the beneficiaries according to the contract.
Direct Deposit Plan Request for Direct Deposit Plan Form (#47) The Request for Direct Deposit Plan Form (#47) is to be used for payments/deposit of funds directly to a client’s bank account. It must be accompanied by acceptable proof of banking.
 
Please see the “Banking Changes” section for further details.
DSC/Transfer Fee Recovery Program DSC & Transfer Fee Reimbursement Request Form #1605

The DSC/Transfer Fee Recovery Program allows advisors to reimburse their clients for Deferred Sales Charges (DSC) and transfer fees that have been incurred as a result of moving from another financial institution to an Equitable segregated fund contract.
 
Please see the attached FAQ for the rules and details: FAQ
E-Signatures Advisor Attestation - Stylus Signatures (#2164) An e-signature is a signature that is collected electronically through a vendor, and it comes with validation, noting the specific vendor, along with a stamp or additional documentation verifying the signature. Equitable can accept e-signatures from all vendors. These are different from “digital signatures,” which are simply an image or font of a signature, and not gathered through a vendor. Equitable cannot accept digital signatures.
 

Most Common E-Signature Vendors:

  • BambooHR,
  • DropBox Sign (formerly HelloSign)
  • iGeny
  • DocuSign
  • OnseSpan (May also be known as eSignLive or Silanis)
  • AdobeSign
  • RightSignature
  • Eversign
  • Authentisign
  • ZohoSign
  • PandaDocs
  • Form Stack
  • UKGPro
  • BoxSign
  • SignNow
  • SecureDocs
  • XodoSign
eSign@equitable.ca:
Equitable accepts e-signatures from all vendors on all documents. Adding esign@equitable.ca as a reviewer or non-signing party is the preferred method, but it is not required.
 
By adding esign@equitable.ca, it gives us direct access to the complete e-signed documents directly from the vendor, making it easier for you to do business with us and more secure for the client.

For e-signed documents where esign@equitable.ca was not included as a reviewer or non signing party, the audit trail must also be provided.

For further details, please see the Guide-to-Completing-eSignatures.

Stylus Signatures 
Stylus signatures are a form of signature completed using a stylus pen or the user's finger to draw their signature on an electronic device (such as a tablet or cell phone). Equitable accepts forms signed via stylus as an alternative to wet ink signatures, provided the following criteria are met:
  • The request was signed in the presence of the advisor.
  • The advisor completes and submits an Advisor Attestation (#2164) (they must sign with a wet ink or valid e-signature) along with the stylus-signed form.
First Home Savings Account (FHSA)
 		 Forms available on the CRA website
FHSA to RSP/RIF Conversion Form (#2120)		 RC720: Transfer from your RRSP to your FHSA
RC721: Transfer from your FHSA to your FHSA, RRSP or RRIF
RC722: Transfer from an FHSA to an FHSA, RRSP or RRIF After the Death of the Holder
RC723: Transfer from an FHSA to another FHSA, RRSP or RRIF on Breakdown of Marriage or Common-law Partnership
RC725: Request to Make a Qualifying Withdrawal from your FHSA
RC727: Designate an Excess FHSA Amount as a Withdrawal from your FHSA or as a Transfer to your RRSP or RRIF
 
To transfer from Non-Registered to FHSA, or from TFSA to FHSA, please use Transfer Form # 114.

Note: Only the account owner can make contributions to an FHSA; deposits from spouses or third parties will not be accepted.

FHSA Deadlines:
When will we accept applications until that would be considered "opened" in 2025?
  • We will accept applications signed and received at head office in good order by 11:59PM ET, December 31 2025. 
 
When will we accept contributions to a FHSA until to receive a trade date in 2025?
  • 2025 contributions to an FHSA must be received before 11:00 AM on December 31 to receive a trade date in 2025.
Flexible Maturity   Equitable GIF accounts (Protection Class only) offer clients the flexibility to select their Guarantee Maturity Date, allowing them to align the maturity guarantee with their broader financial planning objectives.
Key Details:
  • Available for Protection Class (100/100) only
  • The Guarantee Maturity Date can be selected on the client’s application. 
  • The selected Guarantee Maturity Date must be at least 15 years plus one day from the date of the initial deposit.
  • The Guarantee Maturity Date cannot extend beyond the contract owner’s 105th birthday.
  • If the Contract Maturity Date (contract owner’s 105th birthday) is less than 15 years away, the Guarantee Maturity Date becomes the owner’s 105th birthday.
  • Each time the Guarantee Maturity Date is reached, it resets to 15 years plus one day.
Householding and Preferred Pricing Create a Household (#2248)
Modify a Household (#2249)		 Pivotal Select
Pivotal Select offers Preferred Pricing, a tiered discount program designed to reduce the management fees clients pay on their investments.
Key Details:
  • Clients with $250,000 or more in assets within a single Pivotal Select contract automatically qualify for a Management Fee Reduction (MFR).
  • The MFR is determined based on the opening market value of the total assets held in the contract.
  • Currently all Funds, except for the Equitable Life Money Market Fund Select, are eligible for the Management Fee reduction.
    • Funds that are not eligible are included in determining the applicable Tier, but do not receive a Management Fee reduction. All sales charge options are eligible for the Management Fee
      reduction.
Equitable GIF
The Householding program helps clients reach higher Preferred Pricing tiers faster by combining assets across multiple contracts with eligible family members living at the same address.

Key Highlights
  • Automatic Enrollment:
    Clients with multiple eligible contracts are automatically enrolled into their own independent household under the Preferred Pricing program.
  • Household Composition:
    Up to 10 family members may participate, including:
    • Household owner
    • Household owner’s spouse
    • Children of the household owner
    • Children of household owner’s spouse
    • Household owner’s parents
    • Household owner’s spouse’s parents
  • Household Owner Responsibilities:
    • Must reside at the household address
    • Authorizes creation of the household
    • Approves new members
    • Can remove members or dissolve the household
  • Eligibility Rules:
    • All household members must live at the Household Owner’s address at the time of enrollment
    • Individuals may only belong to one household at a time
  • Preferred Pricing Tier Calculation:
    • Based on the combined market value of eligible contracts across all household members
    • All members benefit from the Management Fee Reduction (MFR)
Additional Notes
  • Pivotal Select Contracts:
    These contracts can be included in a household to help increase total participating assets, but do not receive MFRs.
  • Non-Registered Contracts:
    • Joint Ownership: Both owners must sign the householding request. The contract is linked to the primary investor’s household only.
    • Corporate-Owned Contracts: Not eligible for householding.
    • Tax Implications: Units credited from MFRs are taxable and reported as “other income” on a T3 for non-registered accounts.
  • Fund Eligibility:
    • All funds except the Equitable Money Market are eligible for MFR
    • Ineligible funds still count toward tier calculation, but do not receive fee reductions
    • Units credited to a contract resulting from a management fee reduction are taxable and appear as "other income" on a T3 for non-registered accounts.
  • Limited Trading Authorization (LTA) cannot be used to create or modify a household.
Level Market Value Threshold Annual Management Fee Reduction
Tier One $250,000 to $499,999 0.10%
Tier Two $500,000 to $749,999 0.15%
Tier Three $750,000 to $999,999 0.20%
Tier Four $1,000,000 to $1,999,999 0.25%
Tier Five Greater than $2,000,000 0.30%
Internal Transfers Transfer Authorization form (#114) Internal transfers between a client’s contracts can be requested on an application for a new contract, with a signed Letter of Direction, or using the Transfer Authorization form.
If a client wishes to transfer funds to a legacy product (e.g., Pivotal Solution or Pivotal Select), please note:
  • An eligible legacy account must already be open and active.
  • New legacy accounts cannot be opened
Transfer Rules – At a Glance
From GIA
  • Can transfer to: DIA, GIA, or SEG (NL, FEL, CB3, CB5)
  • Funds that were ever in DSC at Equitable cannot transfer to CB3, CB5, or FEL > 0%
  • Market Value Adjustment (MVA) and taxes may apply
From SEG Funds
(Includes Equitable GIF, Pivotal Select, and Pivotal Solutions)
  • Can transfer to: DIA, GIA, or SEG (NL, FEL at 0%)
  • Direct transfers allowed: CB3 to CB3, CB5 to CB5, NL to FEL 0%
DSC charges and taxes may apply
Investment Direction Form EZtransact 
Investment Direction for Equitable GIF (#693GIF)
or
Investment Direction for Legacy Products (#693LEG)
or
Investment Direction for DIA/GIA Form(693GIA)
 		 For Pivotal Select policies, use the Investment Direction for Pivotal Select Form (#693SEL), for DIA/GIA policies, use the Investment Direction for Daily/Guaranteed Interest Account Form (#693GIA), and for legacy segregated fund policies, use Investment Direction for Pivotal Solutions Form (#693ANN).
 
The Investment Direction form is used for many different types of requests, including:
  • Resets
  • Premium allocation/Investment instructions for new deposits
  • Rate Guarantees *
  • Dollar Cost Averaging - Can be submitted using EZtransact 
  • Asset Rebalancing *
  • GIA Maturity Instructions *
  • Switches - One-time switches can be submitted using EZtransact
  • Third Party/Source of funds questions
     
* Available on form #693ANN only 

Please note that all pages of the form must be submitted, including those pages that were not used. Failure to do so will result in the request being declined.
Limited Trading Authorization (LTA)

(Not available for WFG - World Financial Group advisors)
 		 Included in:
  • Equitable GIF Applications (dated 2025/10/27 and after)
  • GIA Applications (dated 2016/07/01 and after)
Alternatively, the stand alone Limited Trading Authorization #14 (fillable/savable)" can be completed.		 Limited Trading Authorization allows advisors to request certain transactions on behalf of their clients. Refer to the Limited Trading Authorization: Quick Reference Guide for details about which transactions can be completed with LTA, and which require a client’s signature instead.
 
LTA is built into Pivotal Select Applications (dated 2016-01-18 and after), and GIA Applications (dated 2016-07-01 and after). Alternatively, the Limited Trading Authorization Form (#14) can be completed and submitted.
 
Limited Trading Authorization is not available (or stops being valid) in the following situations:
  • Client is 80 years of age or older
  • Corporate accounts
  • Client with a Power of Attorney in effect
  • Policies with an irrevocable beneficiary
 
Change of Advisor of Record (a new form would need to be submitted to give LTA to the new advisor)
Name Change Name Change Form (#671NC) The Name Change Form (#671NC) should be used to update the name on a client’s policy for reasons such as marriage, divorce, etc.
 
Please attach a copy of the required proof of name change, as specified on the form. This form is not for changes of ownership.
Ownership Change Ownership Change Form (#671OC) The Ownership Change Form (#671OC) should be used to change ownership of a policy (only available on non-registered policies).
 
Please note that there may be tax considerations to certain changes of ownership. Please note that the advisor must complete the Verification of Identity section of the form for the new owner(s) of the policy.
 
If the beneficiary is revocable, the transfer of ownership will terminate the existing beneficiary designation. The new owner(s) should complete the Beneficiary Change Request Form (#671BCF); otherwise, the death benefit will be paid according to applicable law, to the Estate of the owner. If the new owner of the policy is an Entity, you must also complete the Business Information Form (#594).
Payment Methods EZtransact
 
Pre-Authorized Debit Plan Form (#378S&R)		 Equitable offers clients the opportunity to fund their policies via several different options.
 
Please note that cash, money orders, or credit card payments cannot be accepted for Savings & Retirement products.
 
Online Banking Bill Payments:
The easiest way for clients to deposit to their Equitable Life Savings & Retirement policy is by using Online Banking Bill Payments. Clients can simply log into their online banking service and add “Equitable Life Savings Plan” as a bill payee.
 
Additional information can be found here.
  • All payments submitted must include a policy number.
  • It can take 2-3 business days for the money to be sent to Equitable. The funds are deposited effective the business day the funds are received.
  • Deposits are made to the default allocation on file, unless investment instructions are received by Equitable before the funds are received.
 
See the Third Party Contributions section for additional requirements.

Important Note Regarding Joint Bank Accounts:  Banks do not provide us with any account information when funds are sent by online bill payment, so we are unable to determine if the funds came from a joint bank account. We are only provided with the name of the individual who sent the funds (the person who logged into their banking to send the funds). If the payment is made by someone other than the client, even from a joint bank account, the deposit could be deemed to be a “third party” contribution and either rejected, or additional information/forms may be required.
 

Pre-authorized Debit (PAD):

EZtransact is the easiest way for advisors to set up new ongoing or one-time PAD requests, or to stop or make changes to existing ongoing PAD for their clients.
 
Otherwise, the Pre-Authorized Debit Plan Form (#378S&R) is required for all new PAD requests.
  • Existing banking from another active Equitable policy belonging to the client may be used by including that policy number on the request.
  • Otherwise, acceptable proof of banking must be included with every new request (See the “Banking Changes” section for further details).
  • Only permitted from chequing accounts.
  • See the “Third Party Contributions” section for additional requirements.
  • Please note that it can 2-3 business days after the effective date of the transaction for the funds to be pulled from the client’s bank account.
     
Personal Cheques:
Starter/Counter cheques are not accepted unless the bank account holder’s name is preprinted by the bank on the cheque.
 
No post-date cheques.
 
Cheque must be made payable to “Equitable Life” and completed correctly, including all necessary signatures.
 
See the Third Party Contributions section for additional requirements.
 
Bank Drafts:
Can only be accepted with acceptable proof of source of funds.
Acceptable source of fund documentation must include the full number of the bank account used to purchase the draft, bank accountholder’s name, date the draft was purchased and the amount.
 
Note: The purchase receipt for the draft does not generally provide all the necessary information, so additional documentation may be required to confirm the above information (i.e., stamped or letterhead letter from the bank, copy of bank statement showing the purchase, etc.)
Rate Guarantees
(Payout Annuities and GIA)		 Rate Guarantee section included in DIA/GIA and Payout Annuity applications.
 
For subsequent deposits to DIA/GIA policies, complete Investment Direction Form - Daily/Guaranteed Interest Account (#693GIA)

For subsequest deposits to PIP policies, complete Investment Direction Form - Savings & Retirement (Legacy) - (#693ANN)
 		 There are two types of Rate Guarantees available, depending on the source of the funds:
 
“Better of” Interest Rate Guarantee (3 business days)
For direct deposits (personal cheques, online banking deposits, and one-time pre-authorized debit)

  • Guarantees the higher of:

    1. the interest rate in effect on the day the deposit is received, and

    2. the interest rate in effect on the day all signatures were completed on the application.

  • If the deposit is not received within 3 business days from the signature date, the deposit will receive the interest rate in effect the day the deposit is received

 
“Set Rate” Guarantee (45 Days)
  • For transfers from another financial institution or an Equitable contract with an upcoming maturity.
  • Guarantees the interest rate on the day the application was signed.
  • If the deposit is received after 45 days from the signature date, the deposit will receive the lesser of:
    1. the interest rate in effect on the day the deposit is received, and
    2. the interest rate in effect on the day all signatures were completed on the application 
The signed request must be submitted to Equitable by no later than 11:59pm (EST) the day after the request is signed via EZcomplete, EZupload, or fax (519 883 7428).

For Payout Annuities:
Please note that a rate guarantee does not guarantee the payment amount for the client, only the interest rate used to calculate the payment. There are other factors, subject to change, that can affect a client’s payment amount, including the date the funds are received, guarantee period, and the accuracy of the information used for the quote.


To request a rate guarantee, please complete the following steps:
  • Run the annuity quote (payout annuities only). See the Annuity Quotes (Payout Annuities) section for further details.
  • Complete the application with the client, ensuring the Rate Guarantee section of the application is completed.
  • Send the signed application and annuity quote (if applicable) to Equitable through EZUpload, by fax to 519.883.7428, or by email to individiualwealth@equitable.ca.
 
The signed request must be submitted to Equitable no later than 11:59pm (EST) the day after the request is signed via EZcomplete, EZupload, or fax (519 883 7428). Equitable will honour the rate guarantee provided that the deposit is received within the required timeframe.
Sales Charge Options & Load Types Change of Sales Charge Option (Pivotal Select) (2020/12/07) Our Equitable GIF contracts offer three different sales charge options / load types.
  • Front End Load (FEL) 0-5%
  • 3-Year Chargeback (CB3)
  • 5-Year Chargeback (CB5)
Deposits over age 80 are limited to the Front End Load Charge Option.
Depending on the segregated fund product, there are restrictions to which sales charge options can coexist within a contract:
Seg Product Permitted Load Types Combination Rules
Pivotal Solutions
  • DSC
  • NL
 No mixing allowed in a contract
Pivotal Select
  • DSC
  • LL
  • NL-CB3
  • NL-CB5
  • NL
 NL can be combined with one other load type in a contract
Equitable GIF
  • CB3
  • CB5
  • FEL
 All can be combined in a contract

There are restrictions about which load type money may be moved to within the same contract, or when moving to a different contract. In general, money that was previously invested in a load type
with up-front commission can never be re-invested in a load type with up-front commission (except when moving between funds in the same fund series within a contract).
 
Please note that some “legacy products” such as Pivotal Solutions, Pivotal Solutions II or Personal Investment Portfolio can only contain one load type, and it cannot be changed. To move money from DSC to NL on
legacy products, the money must be directed to a new contract in No Load (form 1388 not required for these types of switches).

Front End Load (FEL)
  • The specified percentage will be deducted from each deposit and paid to the advisor as an upfront commission.
  • Limited Trading Authorization (LTA) cannot be used to allocate a deposit to FEL greater than 0%
  • If no percentage is specified, the default will be 0%.
  • FEL greater than 0% is only available when the application is submitted with a fundserv advisor code.
CB3 and CB5 Only – These load types have a “grace amount” of up to 10% of a client’s opening fund unit balance on January 1, plus 10% of fund units purchased throughout the year to be withdrawn without
incurring a commission chargeback. This is different than the “10% free” amount offered on DSC/LL contracts and applies to withdrawals only. It is not eligible to be transferred to No Load (NL).
Advisors wishing to track the free units must maintain their own records, as the calculation of chargebacks or grace units will not be available through Equitable’s Head Office.

Sales Charge Options & Load Types (Legacy Products)               
 

2082-Segregated-Fund-DSC-Disclosure-Form_Fillable.pdf (equitable.ca)		 Pivotal Select
* Important notice: Effective May 27, 2023, Deferred Sales Charge (DSC) and Low Load (LL) funds will no longer be available for new deposits on Pivotal Select contracts.
Any existing amounts held in DSC or LL funds are not impacted and the existing DSC schedule will continue. If an ongoing Pre-Authorized Debit (PAD) or the contract’s default deposit instructions include
DSC or LL funds, these instructions will automatically be updated to the No Load option of the same fund for all future deposits.
 
For further information about the fee schedules/restrictions for each Load Type, please refer to the Pivotal Select Advisor Guide (#1405)

Pre-existing DSC and LL Only – The client is entitled to 10% of the January 1 market value (20% for RIF/LIF) plus 10% of additional premiums paid throughout the year (20% for RIF/LIF), to be withdrawn or
transferred to No Load without incurring deferred sales charges. This is sometimes referred to as the 10% or 20% “free” amount. This “free” amount does not carry over year to year and, if not used by December 31,
will reset. Money must be in the fund for a minimum of 90 days before requesting a “10% free” switch.

PIP, Pivotal Solutions
Legacy products refers to older products that are no longer available for sale, but may still be held by some clients. This includes Personal Investment Portfolio, Pivotal Solutions, Pivotal Solutions DSC,
and Pivotal Solutions II products. These products can hold either DSC or No Load funds and cannot be changed. 
 
Confirmation of DSC Disclosure must be submitted for all deposits to legacy DSC products for clients aged 65 and over. 
 
Load Type Restrictions on Moving Money:
There are restrictions about which load type money may be moved to within the same contract, or when moving to a different contract. For movement within the same contract, money will remain in the same
load type. For movement to a different contract, the money can only be deposited into No Load funds. 
 
DSC Contracts – The client is entitled to 10% of the January 1 market value (20% for RIF/LIF), to be withdrawn or transferred out of the contract without incurring deferred sales charges.
This is sometimes referred to as the 10% or 20% “free” amount. This “free” amount does not carry over year to year and, if not used by December 31, will reset. Money must be in the fund for a minimum of
90 days before requesting a “10% free” switch.
Systematic Withdrawals / Scheduled Income Payments Request for Direct Deposit Plan Form (#47) Scheduled Income Payments (sometimes referred to as automatic withdrawals, systematic withdrawals, or AWD’s) are required on all RRIF/LIF contracts. They may also optionally be set up on TFSA or non-registered policies.
 
They are not available on RRSP/LIRA policies, or DIA/GIA TSFA policies.
 
A letter of direction may be used to request a systematic withdrawal, in combination with the Request for Direct Deposit Plan Form (#47) and proof of banking. Please ensure that you include the following information on the request:
  • Start date
  • Frequency (available monthly, quarterly, semi-annually, or annually)
  • Gross Amount (please note, net amounts are not available on RRIF/LIF systematic withdrawals)
  • End date (if applicable)
Funds and allocation for withdrawal (if not specified, will be completed proportionately from all funds)
 
Systematic withdrawals/scheduled income payments are only available by direct deposit to the client’s bank account.
Taxation Tax Slips – A Quick Reference Guide (#1660)
 
Insights into Non-Registered Taxation (#1675)		 Taxation is different depending on the registration of each policy. Here are some references to help you and clients to better understand: Please note that tax slips are produced following year end and are mailed to the client's address on file. Advisors may view the client’s tax forms on EquiNet once the form is produced.
 
Clients who are registered for Client Access at the time their tax forms are produced may also access them on Client Access.
Third Party Contributions Third Party Form #31 (fillable/savable) Third party contribution applies when someone other than the owner is contributing (or depositing) to a policy.
 

Third Party Information Form (#31):

  • This form is only applicable to Non-registered or Individual RRSP policies.
  • It is used when a third party is helping to fund a policy or has an ownership interest in the policy.
  • Examples include a Power of Attorney signing on behalf of the client, someone other than the owner or annuitant depositing to a policy, or a corporation having use of or access to the policy values.
  • If a Third Party has been identified, this form must be completed and signed by the Advisor of Record for the policy.
     

TFSA Third Party Contribution Certification Form (#1582):

  • Applicable to TFSA policies only.
  • Used when a third party is helping to fund a TFSA policy.
  • Form is to be completed and signed by the client
  • If contribution is from the client’s employer, they must select “contribution on behalf of an employee.”
  • If contribution is from anyone else, the client must select “Gift.”
Important Note: Should the CRA determine that the third-party contribution does not satisfy CRA requirements, it may result in negative tax consequences to the TFSA account owner and the third party, including deregistration of the TFSA account. The TFSA account owner and the third party are responsible for ensuring that all CRA TFSA requirements are satisfied.

FHSA: Third party contributions are not accepted to FHSA accounts.
 
Transfer Authorizations Transfer Authorization Form (#114)
 		 Advisors are now able to have a transfer form generated, e-signed, signature guaranteed and faxed directly to the relinquishing institution for applications submitted through EZcomplete application. Please ensure that you enter a valid fax number for the relinquishing institution.
 
Equitable has our own transfer form for requesting transfers from other institutions – Transfer Authorization Form (#114). Equitable is not responsible for sending transfer forms to other institutions, except as part of the EZcomplete application process outlined above.
 
For requests to transfer funds from another institution to Equitable, the advisor and/or the MGA must send the transfer documentation directly to the relinquishing institution.
 
We ask that a copy of the completed transfer form also be forwarded to Equitable, for reference only. In the event the requested transfer is for locked-in funds.
 
Equitable will forward our locking-in agreement to the relinquishing institution upon receipt of a copy of the completed transfer form. If we need to sign different paperwork to facilitate the locked-in transfer, please provide us with specific instructions.
 
If the transfer funds have not been received by Equitable within 10-15 business days of submitting the request to the relinquishing institution, we would ask that the advisor follow up directly with the relinquishing institution. Equitable is unable to make these inquiries on the advisor's behalf, even for transfer forms faxed via the EZcomplete process.

Signature Guarantees
Equitable provides signature guarantees for external transfer requests submitted through EZcomplete as part of the application process. This service is facilitated by a third-party identity verification platform called
Persona.
For step-by-step instructions and additional details, please refer to the EquiNet post, which includes a helpful how-to video.
Please note: Signature guarantees are only available through this EZcomplete process. Equitable does not offer signature guarantees outside of this service. For other signature guarantee needs, please contact your
Managing General Agency (MGA).  
 
Withdrawals / Surrenders EZtransact 

Signed Letter of Direction
 
or
 
Withdrawal Request Form (Pivotal Select) (#1319)		 EZtransact is the easiest way for advisors to submit certain withdrawal requests for their clients. 

Any withdrawals from a policy, regardless of the registration or product type, must be paid to the owner(s) of the policy.
 
For jointly owned policies, any withdrawals will be made payable to both joint owners if made by cheque and can only be deposited to a jointly held bank account in both owners’ names if made by Electronic Funds Transfer (ETF).
 
All surrender cheques must be sent directly to the client; we are unable to send them to a different address or to the advisor.

* For additional information about signatures and authorizing transactions, please see New Applications & Transaction Authorization Requirements for details.