BONUS PLAN FOR CAREER AGENTS AND AGENCY MANAGERS

Effective from July 1, 2014

Manulife's Bonus Plan for Career Agents and Agency Managers is designed to provide bonuses for you
as an incentive to continue your contract for services with Manulife. This is achieved through a
program of regular contributions made by you and Manulife, if you opt for contribution to a specially
established Bonus Plan. A summary of the Plan is outlined in the following sections.
1.

Eligibility

All Agents and Agency Managers are eligible to enroll to this Plan upon the effective date of your
agency contracts provided that they have fulfilled all the enrolment requirements as defined by
Manulife which shall include but not limited to any due diligence requirements under any regulatory
obligations such as anti-money laundering and anti-tax evasion measures, for Hong Kong or any other
countries, which are applicable to Manulife. Notwithstanding any other paragraphs in this document
or the Scheme Rules of the Bonus Plan for Career Agents and Agency Managers, any Agent or
Agency Manager who could not satisfy the enrollment requirements could not be a Member under this
Plan and would not be entitled to any contributions or benefits under this Plan.

2.

Important Definitions

(a)

"Agent" means a person holding a current Manulife Career Agent's Agreement/Agency

Management Agreement with grades of Insurance Advisor, Unit Manager, and Senior Unit
Manager.

(b)

"Agency Manager" means a person holding a current Manulife Career Agent's

Agreement/Personal Production Agreement/Agency Management Agreement with grades of
Branch Manager or above.

(c)

"Beneficiary" means a person last designated by a Member to receive bonuses and Member's
accumulation under the Plan in the event of the death of the Member or in the absence of an
effective designation of a Beneficiary, the estate of the Member.

(d)

"Member" means an Agent or an Agency Manager who is enrolled to the Plan.

(e)

"Plan Earnings" refers to any amounts received by a Member under the categories mentioned in
the attachment of the Plan provided that such attachment may be amended/varied by Manulife
at its absolute discretion with prior notice.

(f)

SEP Plan means the Mandatory Provident Fund scheme, being a self-employed plan,
provided by Manulife Provident Funds Trust Company Limited for the Member.

3.

Contributions

Upon the effective date of your agency contracts, Manulife and you, if you opt for
contribution shall start making contributions to the Plan. The determination of contributions
shall be discussed in sections 3.1 and 3.2. No contributions are required to be made by you
or Manulife on the part of Plan Earnings exceeds HK$5,000,000.00 within a calendar year.
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3.1

Your Contributions
It is voluntary to make your own contributions to the Plan.
The contribution amount is defined as follows:

Your Contribution

(5% of Your Current Months Earning) minus

(Mandatory & Top-Up Contributions to SEP)

Note: If the calculated amount is negative, your contribution to the Plan in the current
month is zero.
Selection of contribution option can be made once a year in the following occasions:
Upon enrollment to this Plan; or
In January of each year
Your contributions will be accepted subject to the fulfilment of the following requirements:
a.
b.
c.

3.2

you should have participated and enrolled in the SEP Plan designated by Manulife;
you should select contribution period and payment frequency on monthly basis with
respect to the SEP Plan; and
you shall enroll in accordance with the requirements of Manulife determined at its
absolute discretion from time to time and contribute to the SEP Plan immediately upon
enrollment into this Plan.

Manulifes Contribution
Subject to your fulfilment to the requirements under section 3.1, Manulife shall make its
contributions calculated as follows:
Manulifes Contribution*

= Your Total Contributions to this Plan and

SEP

* Subject to a maximum of 5% of your Current Months Earning up to an annual earning

of HK$5 Million.
In the event while you are receiving disability benefit under the Disability Income Plan, Manulife shall
pay your share of contributions to the Plan provided that you have opted for making contributions to the
Plan.

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4.

Investment of Contributions

You have the flexibility to choose among the following investment options which are available in Hong
Kong Dollar and/or US Dollar. For the Agent Contribution portion and Manulifes Contribution portion,
the default is the Hong Kong Dollar Capital Guaranteed Fund.
(a)

Guaranteed Type
* Five Year Bond Fund Account
* Capital Guarantee Fund

(b)

Non-Guaranteed Type
* International Bond Fund
* Balanced Fund
* International Equity Fund
* Pacific Asian Equity Fund
* Japan Equity Fund
* North American Equity Fund
* European Equity Fund
* Hong Kong Equity Fund
* Stable Fund (For Hong Kong Dollar Plan Only)
* Aggressive Fund (For Hong Kong Dollar Plan Only)
* China Value Fund (For Hong Kong Dollar Plan Only)

For the non-guaranteed type of investment, there is no guarantees on either capital or returns. Unit prices
and rates of return may go down as well as up.
Normally, Manulife will administer clients' plan at a cost. However, there will be no charges levied on
your or Manulife's contributions to either the guaranteed interest rate accounts. Furthermore, in the
calculation of interest during anniversary, the interest rate credited to these accounts will be 1/2% higher
than that given to the Manulife's clients. Upon termination, the withdrawal interest rate shall be
determined by Manulife.
5.

Fund Transfer

You may choose to change the investment options/plan currency of your or Manulifes PAST
accumulations (if eligible) once a year and elect the investment options/plan currency of your or
Manulifes FUTURE contribution (if eligible) four times a year. The changes can be either in writing
through Agency Compensation and Compliance Department, by smart call at 2108 1313, or through the
Internet http://www.manulife.com.hk, or by other available means announced by Agency Compensation
and Compliance Department from time to time. If the number of transfer for the PAST accumulations
exceeds the limit, then a charge of HK$20.00/US$3.00 will be levied on you per transaction which is
defined as the transfer of fund from one investment option to another.

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6.

Designation of Beneficiary

You may designate a Beneficiary and change such designation from time to time. Any such designation
or change must be made in accordance with the form and executed in such manner as Manulife may,
from time to time, determine. Any designation or change must be filed with Manulife. In the absence of
an effective designation of a Beneficiary in a manner as aforesaid, Manulife shall make payment of any
death benefits under the Plan to your estate and any such payment shall completely discharge all liability
of Manulife under the Plan.
7.
Benefits Upon Termination
(a)

Normal/Early/Disability/Death Termination

You are entitled to a lump sum equal to your accumulations plus Manulife's accumulations, if you
terminates your service with Manulife on the following occasions:
(i)

upon attaining the age of 65; or

(ii)

upon attaining the age of 55 with a continuous service of ten (10) years with the prior written
consent for such termination obtained from Manulife; or

(iii)

after the last payment of your disability benefit provided that you are on account of total
disability as determined by Manulife on the advice of a qualified medical practitioner; or

(iv)

in the event of your death.

(b)

Termination of Appointment

You are entitled to receive a payment equal to your accumulations upon termination of services other
than the occasions mentioned in (a). Apart from this payment, you are also entitled to a bonus which is
equal to the vested portion of Manulife's accumulations provided that you have completed at least six (6)
years of enrollment. The vested portion of Manulife's accumulations will be based on your completed
years of enrollment as follows:

Completed Years
of Enrollment

VESTING RATE UNDER THIS PLAN

Vested Portion of
Manulife's Accumulation

Less than 6
6 but less than 7
7 but less than 8
8 but less than 9
9 but less than 10
10 or more

NIL
20%
40%
60%
80%
100%

(Years of enrollment refers to the number of completed years since enrollment to the Plan which is
either the appointment date as Agent or date of changing status from Agency Manager to Agent
whichever is the earliest.)

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8.

Fund On Deposit

In lieu of a lump sum cash payment of the benefit to which a Member is entitled to upon termination of
appointment, you may elect to leave your accumulations and bonuses within 7 days from the date of the
termination acknowledgement letter, if any, under this Plan provided the initial amount of the lump sum
can meet the minimum amount requirement as prescribed by Manulife from time to time.
9.

Annuity Option

You may elect to apply the lump sum cash payment of the benefit which you are entitled to under the
Plan to purchase an annuity of any type offered by Manulife at the time of such election. If you die
without making such election, your appointed Beneficiary may make the election on the same terms and
conditions as above. After the election of such annuity, the benefit will be governed by the form of
annuity elected.
10.

Forfeiture

All payments from this Plan will be subject to forfeiture by Manulife in the event of termination of
contract for service with a Member upon any of the following grounds:
(a)
(b)
(c)
(d)
(e)

11.

wilfully disobeying a lawful and reasonable order; or

misconducting yourself, such conduct being inconsistent with the due and faithful discharge of
your duties; or
being guilty of fraud or dishonesty; or
being habitually neglectful of your duties; or
upon any other ground on which Manulife will be entitled to terminate the contract of
appointment
Set Off

Manulife shall be entitled and is authorised by the Member to set off from all payments from this Plan in
the following situations:(a)
(b)

all loss suffered by Manulife due to any dishonest act committed by the Member; or
any debt acknowledged by the Member as owing to Manulife.

12.

General

This Bonus Plan is subject to the Scheme Rules of the Bonus Plan for Career Agents and Agency
Managers and the Funding Agency Arrangement administered by the Company. The information stated
in this handout is only a summary of what is contained in the said Scheme Rules. In order to avoid the
risk of over-simplifications, all inconsistencies shall be resolved by reference to the said Scheme Rules
which shall prevail and supersede all representation made by the Company. The Company retains the
right to interpret the meaning of any terms referred in this Plan and amend it at the Company's discretion.
The Manulife (International) Limited 's Bonus Plan A for Hong Kong Career Agents and Agency
managers ("Plan A") is open for inspection by all agents and agency managers of Manulife at the
Agency Compensation and Compliance Department.

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TOTAL EARNINGS
All Traditional Commissions
All Group Commissions
All Expatriate Products Commissions
All Universal Variable Products Commissions
All MPF Commissions
All Service Fees
All Trailer Fees
Monthly Allowance
Monthly Production Bonus
Production Club Bonus
Persistency Income
Manucard Finders Fee
Agent Group Life and Health Bonus
Agent Group Pension Bonus
Agent Expatriate Products Bonus
Agent Development Overrides
Financing Bouns
Management Development Overrides
Promotion Bonus
Special Growth Incentive Bonus
Recruitment Bonus
Group Life and Health Management Bonus
Group Pension Management Bonus
MAM Finders Fee
MPF Transfer-in Bonus
Year end Bonus
New Agent Development Incentive
Fast Start Bonus

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