Retirement
Discover Your Options
Retirement Options
For those members of Local 230 wishing to apply for IBEW Retirement please click on the following link:
IBEW 230 Group RRSP & Pension Consultants (Email us here)
IBEW International Pension Application
IBEW International Beneficiary Change
IBEW International Pension Plan FAQ
For those members with a Registered Retirement Savings Plan (RRSP) with Manulife Financial and wish to access their account information through their website please click on the following link: Manulife Financial
Take steps for a better retirement
Your IBEW Local 230 Retirement Plan
How It Works
Your retirement accounts are part of a large group retirement plan for all IBEW Local 230 members.
The money in your retirement plan is at Manulife, one of the world’s 10 largest insurance companies. Manulife is a global company with over 37,000 employees and $1.6 Trillion under management.
Because of their size and scale, Manulife delivers a secure, world-class experience that benefits all IBEW Local 230 members.
As a member of a large group retirement plan, you have access to low-cost investments, professional investment management, and 1-on-1 financial advice by qualified planners. All of this can help you save more money to buy a home, or for your use in retirement.
Your employer contributes to your plan and the money is deposited into your account(s) at Manulife. You don’t have to contribute anything, and you have the option to contribute additional amounts from your paycheque.
You may also transfer in your RRSP, RPP or TFSA from previous employers or other financial institutions. This makes it easier to keep track of all your retirement plans in one place.
The full details of your plan, online access to your account(s), and 1-on-1 financial advice can be found here: https://manulifeplan.ca/15467IBEW230
A qualified, experienced pension consulting firm, Canada’s Best Pension Plan Ltd, assists IBEW Local 230 in the management of this plan.
Types of Accounts
- Manulife RRSP Policy #20005188: All IBEW Local 230 members are part of this group Registered Retirement Savings Plan (RRSP) at Manulife.
- Manulife RPP Policy #10005188: All IBEW Local 230 members who joined after Jan 1, 2020, are also part of this formal Registered Pension Plan (RPP) at Manulife. If you joined IBEW Local 230 after Jan 1, 2020, the contributions from your employer are unevenly split between your RRSP and RPP.
- Manulife TFSA Policy #41005188: All IBEW Local 230 members have access to an optional Tax-Free Savings Account (TFSA) at Manulife. Employers do not contribute to this account.
- Pension Benefit Fund: IBEW Local 230 members also participate in an additional pension plan managed by the International. You can call them at 1-800-565-0479 or visit https://ibew.org/Pension-Reciprocity for more information.
How to Get Things Done and Where to Get Help
Most of the actions you can take on your account, including making investment changes, can be done online here: https://id.manulife.ca
You can also call Manulife directly at 1-888-727-7766, M-F, 5am – 5pm Pacific Time. They have full, secure access to your details and can offer immediate assistance. You may be asked for your Customer ID when you call. Your Customer ID can be found on your most recent Manulife account statement.
Manulife also maintains an up-to-date list of frequently asked questions with direct links for help on their website here: https://www.manulifeim.com/group-retirement/ca/en/faqs#group-retirement-member
If you have an inquiry that Manulife is unable to resolve, or if you have concerns with Manulife’s service, please email details to Canada’s Best Pension Plan at ibew230@cbpp.ca
Questions Frequently Asked by IBEW Local 230 Members
Where can I see my retirement accounts?
You can access all your accounts online at the Manulife website here: https://id.manulife.ca
If you don’t have a Manulife ID to sign in, click “Set up a Manulife ID” and follow the instructions on your screen.
Can I talk to someone about my investments, or how much I need to retire?
Yes, you have complimentary access to your own 1-on-1 financial advisor at Manulife. Once you have established a working relationship with your advisor, you can continue working with them for the long term. You can book a time with a Manulife advisor here: https://www.manulife.ca/page/groupsavings-talk-to-an-advisor.html
Please enter “IBEW Local 230” as your employer for the purposes of this booking.
Can I manage my investments on my own by picking stocks?
Because of the risk of individual stock selection, no major group retirement plan provider offers individual stock trading for group plan members. All research points to better outcomes through broad investment diversification and appropriate asset allocation. This can be achieved, with great success, on the Manulife platform by using the investment choices offered.
Can I contribute extra money from my paycheque automatically?
Yes. You can let your employer know you would like to have funds withheld from your paycheque and deposited directly into your RRSP or RPP. For a more formal request, you may use this form to enter your details and provide it to your employer: https://manulifeplan.ca/15467IBEW230#form
I'm concerned about personal debt and I'm experiencing financial stress. Who can I talk to?
You have complimentary and confidential access to The Joint Electrical Industry Welfare Plan Employee and Family Assistance Program by Telus Health. If you have concerns about debt, divorce, termination, bankruptcy, or other financial issues, you can access private counselling services here: https://myeapsupport.com/Service/Mapping or by calling Telus Health at 1-800-387-4765.
How do I withdraw money from my retirement plan before I retire?
If you want to withdraw money from your plan, you may withdraw from your RRSP. Do to so, login to your online account at https://id.manulife.ca, and then go to More account options > My Account > Make a Withdrawal.
As an active member of the IBEW Local 230 retirement plan, you cannot withdraw money from your RPP.
Can I take money out of my plan to buy a home?
Yes, you can use the CRA approved Home Buyers’ Plan to withdraw money from your RRSP and use it as a down payment for your first home. Print and complete the CRA form here: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1036.html. You can then login to your Manulife account and go to My Account > Send documents to send us the form and a scanned image of a void cheque. They will process the withdrawal for you.
If I leave the union but I don't retire, what happens to my money?
The money in your RRSP, RPP and TFSA at Manulife is yours. If you leave the union, you will receive a plan termination notice from Manulife. This notice will include options on what to do with your money.
What happens when I retire?
When you retire you will receive a notice from Manulife with options to draw an income. We strongly encourage meeting with a Manulife Financial Advisor prior to retirement to put together a retirement income plan.
Why does Manulife manage the retirement plan for IBEW Local 230 instead of a bank?
Around 90% of all non-government group retirement plans in Canada are managed by insurance companies like Manulife. Most Canadian banks do not offer group retirement plan services. Manulife is the second largest provider of group retirement plan services in Canada and offers all IBEW Local 230 members a superior experience at a low cost.
I have a messy or complex situation, and I would rather speak with someone locally. Who should I contact?
If you would prefer to speak with someone locally, CBPP maintains an office and retirement resource center in the IBEW Local 230 business office. Please email ibew230@cbpp.ca with your inquiry.