Sign In



Forgot Username / Password
EquiNet Support Form
Register Me Now
New to this website?

Register now to help support your clients, manage your business and learn more about the products, services and support from Equitable Life.
Print this Page
Français

Savings & Retirement FAQ

What is a segregated fund and what are the benefits?

An insurance contract between the policy owner and Equitable Life.

 

The policy owner can:

  • Choose a guarantee class
  • Choose an investment option
  • Name a person to receive the death benefit
  • Pick a registered or non-registered contract
  • Receive regular payments or a payment on the contract maturity

The choices made may affect the policy owner's taxes. The value of the contract can go up or down subject to market fluctuations.

View the Pivotal Select Contract and Information Folder (1403) for more information.

How does a segregated fund compare to a mutual fund?

Please see the Segregated Funds and Estate Planning (1112) form for more information.

What classes of segregated funds do you offer on Pivotal Select contracts and what are the main differences between them?

We have the following 3 guarantee classes:

  1. Investment Class (75/75 Growth & Flexibility): a broad selection of investment choices with no additional insurance fee; 75% of both deposit and death benefit guarantee with no resets
  2. Estate Class (75/100 Growth & Estate Preservation): broad fund offering for investors wishing to protect their investment; 75% deposit maturity guarantee and 100% death benefit guarantee with 1 reset a year for both guarantees up to the annuitant's 80th birthday
  3. Protection Class (100/100 Growth & Principal Protection): broad fund offering for investors who want the assurance that their principal investment is protected; 100% maturity guarantee on deposits made prior to the first policy anniversary and 100% death benefit guarantee with 1 reset a year for both guarantees up to the annuitant's 80th birthday

View the Pivotal Select Product at a Glance (1385) for a comparison of the 3 investment classes.

View the Pivotal Select Advisor Guide (1405) for more information.

What is the maturity guarantee on Pivotal Select contracts and how does it work?

An investor will receive the Maturity Benefit Guarantee on the Maturity Date. This protects the value of the investment at specific dates in the future. On the Maturity Date, the investor is guaranteed the greater of:

  • The market value of the funds or
  • 75% or 100% (depending on guarantee class chosen) of the money put in the funds, reduced proportionally if money has been taken out
  • On the Estate Class and Protection Class, there is a Deposit Maturity Guarantee every 15 years. On the Investment Class the maturity date is at age 105.

See section 8 - Guarantees of the Pivotal Select Advisor Guide (1405)

What is the death benefit guarantee on Pivotal Select contracts, and how does it work?

This protects the value of the investment if the Annuitant named in the contract dies. It is paid to someone that the investor names. On the date of the death of the Annuitant, it is the greater of:

  • The market value of the funds or
  • 75% or 100% (depending on guarantee class chosen) of the money put into the funds, reduced proportionally if money has been taken out (note: if you chose the 100% Death benefit guarantee, an extra fee will apply)

See section 8 - Guarantees of the Pivotal Select Advisor Guide (1405).

What is a non-reducing death benefit?

Many companies reduce the amount of the Death Benefit guarantees after the client reaches 80 or older. In our Pivotal Select Estate and Protection Class, Equitable Life maintains 100% non-reducing death benefit guarantee throughout the life of the contract.

What is a reset for Pivotal Select contracts and how do they work and which classes offer resets?

A policy owner can choose to reset the deposit maturity or death benefit guarantee amount. A reset is allowed once per year up to the annuitant's 80th birthday. A reset is done to lock in the maturity or the death benefit guarantee payable. A policy owner can choose any day of the year to reset either guarantee for maximum flexibility and chance of locking in better gains. Note resetting the maturity guarantee restarts the 15 year maturity guarantee period.

NOTE: Resets are not available on Pivotal Select Investment class contracts.


For more information on resets see section 8 - Guarantees of the Pivotal Select Advisor Guide (1405).

What is the Investor Profile Questionnaire and why should my client fill one out?

This questionnaire will assist your client in understanding his/her investment goals and objectives, the time horizon required and attitudes towards risk they can tolerate in order to determine an appropriate investment mix or asset allocation. You are required by law to demonstrate the rationale behind your recommendations, and this tool will assist you in being able to demonstrate suitability.


View the Interactive Investor Profile for Equitable's Investor Profile/Questionnaire.

Where can I see a listing of all of the funds you offer and their most recent performance and how is the performance calculated?

This information can be found on Equinet in the Pivotal Select Fund Facts (1366) and Pivotal Select Rates of Return documents.

Can you describe Equitable Life's approach to choosing investment managers?

Equitable Life's continued adherence to disciplined investment guidelines and prudent risk controls are an integral part of its commitment to be a source of secure investment, providing competitive and consistent returns for your clients. Equitable Life has carefully selected and partnered with some of the industry's top performing and trusted investment management firms. Your client's portfolio can benefit from the knowledge and expertise of some of the world's most respected financial minds. These alliances were selected based on their disciplined investment approach and enduring history of strong investment performance. By working together with our alliances, we are able to draw on the strengths of each organization and provide your client with "the best of the best" when it comes to building a secure, high performing portfolio.


View the Pivotal Select Fund Facts (1366) document for more information on the funds.

Where can I see all of your segregated fund codes for both Pivotal Select and Pivotal Solutions?

This can be found in the Segregated Fund Codes (375) document on Equinet under Marketing Material for Pivotal Select.

Why on the Pivotal Select platform do all of your funds share the same inception date of September 2013?

This is the introduction date of the Pivotal Select Product.

What are your MERs and guarantee fees, and how are they calculated?

When you invest in a segregated fund you will be charged a Management Expense Ratio (MER), which is charged directly to the fund. The MER varies from fund to fund and covers the investment management fees, taxes and basic guarantee insurance costs.

An additional guarantee fee separate from the MER is charged for Estate and Protection class contracts. This allows for transparency, flexibility, and efficiency. Guarantee fees are deducted from the policy owner's fund value and will be shown in the transaction history section of the statement. They do not reduce your maturity or death benefit guarantees.

They are calculated as follows:

  • Market value of fund x annual guarantee fee / 12

Please see the Pivotal Select Guarantee Fees (1551) form for more information on Pivotal Select Guarantee Fees.


View the Pivotal Select MERS and Guarantee Fees (1512) document for a list of the Fees by Fund.


Management fees and MERs are also explained in the Pivotal Select Advisor Guide (1405).

What sales charge options are available and how do they compare?

We have 3 sales charge options: no load, low load, and deferred sales charge.

There are no surrender charges for no load. Please see the chart below for the other 2 options.

Number of Years Since the Deposit Date Deferred Sales Charge deducted from surrenders Low Load charge deducted from surrenders
Year 1 5.5% 3.0%
Year 2 5.0% 2.5%
Year 3 5.0% 2.0%
Year 4 4.0% Nil (0%)
Year 5 4.0% Nil (0%)
Year 6 3.0% Nil (0%)
Year 7 2.0% Nil (0%)
Year 8 Nil (0%) Nil (0%)

Deferred sales charges are waived on death of the last surviving Annuitant.

For more information on sales charge options please see the either the Pivotal Select Advisor Guide (1405) or Pivotal Select Contract and Information Folder (1403).

What is the 'free withdrawal' amount for Pivotal Select contracts and how is it calculated?

For Non-registered contracts, retirement savings plans and tax-free savings accounts a client is allowed to withdraw up to 10% of the sum of premiums paid in the first year. Each subsequent year a client is allowed to withdraw up to 10% of the sum of the fund values as of the first valuation date of each calendar year and 10% of any additional deposits made during the year. For retirement income funds the free withdrawal amount is 20%. All withdrawals are subject to applicable legislation.

How can I see how much 'free withdrawal' is available for my client?

The free withdrawal amount can be found on Equinet.

Step 1:

From the Equinet home page under Online Tools & Information, click Individual Inquiry.

Image showing the location of the Online Tools & Information link

Step 2:

Search by policy number or your client's name. Click submit.

Visual representation of form to fill out

Step 3:

If using Policy number search click on View All Policy Details.

Image showing the location view all policy details button

 

If using name search click on the policy number box.

Image showing the policy number field for a name search

step 4:

Display window of the account will be pop up. The free withdrawal amount will be shown on the values tab.

Image showing the values tab location

 

Here is what the Values screen looks like:

Image showing the values tab location

What's the difference between your registered/non-registered application and the TFSA application?

Canada Revenue Agency (CRA) requires that TFSAs have their own application form.

 

The main difference is related to selecting the different registration types, for example registered savings plan, retirement income fund, non-registered or locked in retirement accounts (LIRA,RLSP AND LRSP). The other difference is associated to selecting an annuitant who is different than the contract owner of the policy. For TFSA and registered policies the owner of the policy must be the annuitant. As well TFSA (and registered) policies are exempt from Foreign Account Tax Compliance Act (FATCA) and therefore, the TFSA application does not contain any questions related to FATCA.

What forms do I need with a registered and non-registered application?

The Pivotal Select Application Registered/Non-Registered (1384) is required and can be found on Equinet under Savings and Retirement forms. The client must be provided with the Pivotal Select Contract and Information Folder (#1403) and Fund Facts (#1366) when the application is completed.

If transferring money from another financial institution a transfer form is required.

Below are links for the registered and non-registered transfer forms.

Transfer Authorization for Registered Investments

Transfer Authorization for Non-registered Investments

What forms do I need with a TFSA application?

A Pivotal Select Application TFSA (1383) is required and can be found on Equinet under Savings and Retirement forms.

A transfer form is required if transferring money from another financial institution.

Below are links for the registered and non-registered transfer forms.

Transfer Authorization for Registered Investments

Transfer Authorization for Non-registered Investments

How do I fill out the registered application?

How do I fill out the NON-registered application?

How do I fill out the TFSA application?

How do I fill out a registered transfer form?

How do I fill out a non-registered transfer form?

Where do I send the completed forms?

FOR MGAs:

Equitable Life Forms can be sent via:

  • Email: savingsretirement@equitable.ca
  • Fax: 519.833.7404
  • Mail:
    The Equitable Life Insurance Company of Canada
    Attention: Savings & Retirement
    One Westmount Road North
    P.O. Box 1603, Stn Waterloo
    Waterloo, Ontario N2J 4C7

 

Original transfer forms can be sent to the relinquishing company, but please send a copy of the transfer form to Equitable Life with the application or investment instruction request form.

 

FOR WFG:

All forms must be sent to WFG Fundex head office.

How do I fill out the registered/non-registered/TFSA surrender form?

How do I fill out the registered/non-registered/TFSA switch form?

Where do I send the completed forms?

FOR MGAs:

Equitable Life Forms can be sent via:

  • Email: savingsretirement@equitable.ca
  • Fax: 519.833.7404
  • Mail:
    The Equitable Life Insurance Company of Canada
    Attention: Savings & Retirement
    One Westmount Road North
    P.O. Box 1603, Stn Waterloo
    Waterloo, Ontario N2J 4C7

 

Original transfer forms can be sent to the relinquishing company, but please send a copy of the transfer form to Equitable Life with the application or investment instruction request form.

 

FOR WFG:

All forms must be sent to WFG Fundex head office.

What is it and how does it work?

A client can deposit funds into an existing Equitable Life Savings and Retirement policy directly from the comfort of their own home. This additional deposit is done the same way that a bill payment is set up through their bank. The funds will be invested according to the investment instructions on file. Your client will require the policy number they wish to deposit the funds into. From their bank's online bill payment screen they should select Equitable Life - Savings Plan. The commission is paid the exact same way.

Banks set up for online deposits to Equitable Life

  • Bank of Montreal (BMO)
  • Scotiabank
  • Tangerine
  • Royal Bank (RBC)
  • TD Canada Trust
  • CIBC
  • PC Financial
  • HSBC
  • Desjardins
  • ATB
  • Credit Unions that are members of “Central 1 Credit Union”
  • Telpay

Get Adobe ReaderNOTE: You will need Adobe Acrobat Reader to view these documents