Segregated fund policies move to new system in August 2022

We’re continuing to move wealth products to our new policy administration system to ultimately provide you and your clients with a more consistent experience. On Aug. 2, segregated fund policies with LON, GWL and CAN fund codes moved to the new system. This includes all Standard Series, Partner Series and all Preferred Series products.  

Access to these policies will only be available to you via RepNet, and Investment Centre. Your clients will have the same access they have today, via Investment Summary and My Canada Life (if they’ve registered for these sites).  

If you’re looking for policy information on RepNet, be aware some data fields and policy details may be missing for a short period of time. We encourage you to continue to use Investment Centre or contact the call centre at 1-888-252-1847 to access client information or ask annuity questions during this period. Policy information is synced each morning. Generally, this is completed by 9 a.m. ET. During the data sync, policy information is unavailable. Policy information viewed before data syncing is from the previous business day.

Your clients will have the same access they have today, via Investment Summary and My Canada Life (if they’ve registered for these sites).

Tasks/items	Before move	After move
Client portfolio reports	Investment Centre, Advisor Site, Your Key Connection	Former London Life and Great-West Life segregated fund policies: Investment Centre only (no longer on Advisor Site, or Your Key Connection) Canada Life segregated fund policies: RepNet
Compensation and trailer fees		No change
DSC inquiries	MySERV	No change
Forms and applications	Investment Centre, Workspace, Advisor Site, Your Key Connection	No change to location of forms and applications Workspace, Advisor Site, Your Key Connection Minor changes to forms and applications Grace period: We won’t process old forms after 90 days.
Fund codes		Will start with CLG Updated reference charts will be available before the fund codes change.
Head office contact		No change
High-net-worth threshold	$500,000 in assets With $100,000 in segregated funds	$500,000 in assets: no change $100,000 in segregated funds: requirement removed
Place trades		Blackout period: July 26 (4 p.m. ET) to Aug. 2 (12 p.m. ET) If you try to process a trade during this period, the wire order status will show as rejected (WR) During this blackout period, you can: Submit documents through Workspace using this process. If asked for an Investment Centre order number, leave blank and click submit. Or email Electronic trades resume Aug. 2 at 12 p.m. ET
Product minimums	Minimum unscheduled withdrawal: $1,000 Minimum policy value: With active monthly pre-authorized contribution (PAC): no minimum Without active PAC: $500 minimum	Minimum unscheduled withdrawal: $500 Minimum policy value: no change
ROR inquiries	Investment Centre, Workspace	No change
Segregated fund product names	London Life: LON Great-West Life: GWL Canada Life: CAN	All: CLG Policies impacted by this migration won't be co-mingled with existing CLG policies. They’ll still be administered separately. Transfers from one policy to another will be considered a non-intact transfer.
Statements	Workspace My Canada Life	No change to how clients receive statements but they may see other changes: Statements will be easier to read. If they have more than one type of policy, they may start receiving a single, combined statement. All clients will receive statements twice a year (January to June and July to December). This includes clients who currently receive quarterly statements, after the move they’ll get two statements a year, not four.
Tax receipts		No change
Transactions		No change
View policies	Investment Centre, Workspace, Advisor Site, Your Key Connection	No longer available on Advisor Site and Your Key Connection Still available on Investment Centre and Workspace but certain key fields may be missing Note: Policies (except TFSAs) will receive a new policy number Previous policy number will show as terminated New policy numbers will show as active

Tasks/items	Before move	After move
Automatic payments (non-valuation dates)	Payments to clients processed next business day Contributions from clients processed next business day	Only change is to non-valuation dates for payments to clients. Payments to clients processed previous business day Contributions from clients processed next business day (no change)
Confirmation notices		No change
Fees		No change
Maturity dates	Dec. 28	Dec. 31
Policy number changes		TFSA: no change Other policy types: new policy number, available on: Next statement (Dec. 31) Future confirmation notices My Canada Life™ (for those already registered) Investment Summary My Account (for policies with CAN code)
Statements	Receive statement for every policy	Receive combined statement for these policies (includes high net worth): Segregated fund Freedom Funds Guaranteed Income Prudential GIOs
Statements	Address corrections Client receives duplicate of original statement (with incorrect address)	Duplicate statement will include the corrected address
Statements	High net worth: two statements a year	No change
Statements	Advisor copies available through Workspace	No change
Tax reporting		No change
View policies	For clients already registered on: Investment Summary My Canada Life	Still available on Investment summary Still available on My Canada Life but some fields may be missing

Policy numbers may have been reused for policies administered on different systems. Now that we’re moving policies to the same system, there’s a risk of duplicate policy numbers across product lines. We’re assigning new policy numbers to eliminate this risk.

Impacted clients received a stuffer with their year-end 2021 statement in January. The stuffer told them they would receive a new policy number this year. They’ll receive a reminder in their mid-year 2022 statement.

Future statements, confirmation notices and tax receipts will use the new policy number.

Clients don’t have to make any changes to their banking.

Tax-free savings accounts are registered with the Canada Revenue Agency and have unique policy numbers already.

No. There are no changes to your trailer fees.

Yes. You can still use MySERV for DSC inquiries on these policies.

No. Even though all segregated funds will all start with CLG, those that are moving (LON, GWL and CAN) won't be co-mingled with existing CLG funds. Funds moving in August will still be administered separately. Transfers from one policy to another are considered a non-intact transfer.

Yes. DSC schedules will move with these policies.

There are no DSC changes related to this move.

DSC-free systematic transfer plans (STPs) will take all available DSC-free at time of the first switch regardless of frequency.

Yes. You’ll still use Investment Centre the same way you do now.

Yes. All historical information for these policies will be available in Investment Centre.

Our 2022 segregated fund policy migration was the most complicated so far due to the age of the legacy system, the number of processes involved, and the volume of policies we moved.

Thank you for your ongoing support as our teams work to close a couple remaining data gaps.

Data field gaps (on RepNet unless noted otherwise)	Status (as of Feb. 22, 2023)
Missing policy information for migrated LON and GWL segregated fund policies on Advisor Site or Your Key Connection	Closed: This information won’t be available on Advisor Site or Your Key Connection Information is available on Investment Centre and Workspace.
Missing transaction history tab	Closed: Fixed
Fields showing as not available (N/A)	Closed: Fixed
TFSA transaction details showing as N/A (for current year, previous year, since issue – contributions, redemptions, transfers in/out)	Closed: Fixed
Gross premium deposit minus withdrawal displaying as N/A	Closed: Fixed
Beneficiary information: Missing for some segregated fund policies (new policies or those where the beneficiary information changed after the Aug. 2 migration) Displaying old or deleted beneficiary information Displaying primary beneficiaries but not contingent beneficiaries	Closed: Fixed
Market value not displaying correctly	Closed: Fixed
Rate of return period not displaying correctly when the effective end date option has been selected	Closed: Data field option permanently removed from RepNet
PAC and AWD changes not displaying	Open: Still being investigated. Information available on Investment Centre
Death Benefit guarantee details: Next reset date displaying as N/A Final reset date displaying as N/A	Closed: Fixed
Life income benefit (LIB) details: Base and bonus amounts not displaying correctly Payout election fields not displaying correctly	Closed: Won’t appear on RepNet Continue to refer to Investment Centre for this information
Chargeback (CB) fee load type showing as DSC	Closed: Fixed
Standard Series segregated funds showing as Estate Protection series	Closed: Fixed
Partner Series segregated funds reducing guarantees	Closed: Fixed
100/100 series guarantees displaying as 75/100	Closed: Fixed
Use spouse age for RRIF minimum calculation field incorrectly displaying Y/N based on spousal date of birth (DOB) on RepNet	Closed: Will show as N/A on RepNet Refer to Investment Centre for this information

If you have any questions, please contact your aligned Client Service Specialist (CSS) or the Client Service Centre at 1-888-252-1847.