Our transition to Beneva continues as we reach another major milestone.

Following the Life Insurance transition to Beneva at the start of the year, we are continuing with our next step for 2023 - Beneva's newly combined savings and investment product offering!

We remain committed to providing you with a full range of competitive products to support you in your business and meet your service needs. Given the number of upcoming changes, we understand that a transition period can generate many questions for you and your clients. In order to support you as best and as quickly as possible, we have set up a dedicated web page that includes all of the useful information that you may need. 

We invite you to regularly consult this new web page as we will continue to publish important details there. You will therefore always be informed in real time! 

Newly combined Beneva Savings & Investment Product Offering

Effective May 23, 2023, we will be combining La Capitale and SSQ Savings & Investment products to be sold under Beneva. We hand-picked the best from both offers so that choosing Beneva for your business is worth it! On May 23, you will be able to consult the information relating to the products on the Beneva site.
 
Please refer to the table for the newly combined Beneva Savings & Investment product offering. Note the name change from Guaranteed Investment Certificates (GIC) to Guaranteed Interest Accounts (GIA).

**no longer available for sale as of May 23, 2023
**High Interest Savings Account product (QC only) is still available to your clients online. 

Refer to the Advisors - Handy Product Reminder here for all the details on the complete Beneva Savings & Investment Product Offering. 

Schedule of Remuneration of your General Agent or National Account contract

On May 23, 2023, some changes to the terms and conditions of the Schedule of Remuneration contract will take effect. 

As of April 23, you can find it either under the La Capitale Document Center or SSQ secure advisor investment site. 

The newly combined Beneva Savings and Investment product offer is now officially part of the Beneva compensation schedule. However, for existing clients holding Investment Account products, the compensation schedule of La Capitale Civil Service Insurer available in Sub-Schedule 1 of the document will continue to apply for a few more months. 

Have a question about your schedule? Please contact the remuneration team at compensation@beneva.ca

Thank you for your ongoing partnership. 

Sales process

Effective May 23, 2023 two important changes will be implemented in the Beneva Investment Accounts sales process: 

Contract delivery method 

• For new Beneva Investment Accounts contracts, standard contract documents will be made available in PDF format for delivery by the advisor to their clients. More details to follow.
• As of May 23rd, Beneva Investment Account contracts can be delivered electronically (PDF format) via email or in person, at the time of sale. Paper contracts will no longer be mailed to the client. 
• Applications signed prior to May 23rd will be processed as usual and clients will receive paper documentation by mail. For applications signed on or after May 23rd, the new procedure will apply. 

For Beneva GIF (Segregated Fund) contracts, there are no changes as this procedure is already in place. 

Trading transaction hours  

For new and existing Beneva Investment Accounts contracts: 

• Electronic transaction requests (Fundserv, Mobile Office) cut-off time will remain at 4:00PM ET, same as it is now. 
• As of May 23, PDF transaction requests must be received by 2:00PM ET to be processed using the unit value in effect that day. If received after 2:00PM ET, the unit value in effect the following day will apply. 

For Beneva GIF (Segregated Fund) contracts, there are no changes as this procedure is already in place. 

Fundserv Codes

On January 16, 2023, the “SSQ” Fundserv manufacturer code was transferred to “BNV” code. La Capitale’s Fundserv manufacturer code remained unchanged as “LCA”. These two Fundserv codes will continue to co-exist until this Fall, at which point only the BNV code will remain. 

Which code should you be using? 

For Beneva GIFs (segregated funds), use the BNV codes. 

For Beneva Investment Accounts, continue using the LCA codes for existing clients. The BNV code should be used for new clients only.  

For your convenience, should the LCA code be used instead of the BNV codes or vice versa, we will make the necessary adjustments on our end.  

Documentation

The following documents will be updated to reflect the upcoming changes and become available in the Beneva Document Center as of May 23rd as well as on the secure advisor sites: 

• Combined Beneva Administrative Advisor Guide 
• Beneva Investment Accounts: Savings Annuity Contract and Application Forms 
• Beneva Guaranteed Investment Funds (segregated funds): Information Folder & Contract and Application Forms 
• Representative’s Schedule of Remuneration (available on secure sites only) 

IMPORTANT! Previous versions of the contracts and application forms will be accepted up until May 22, 2023, 11:59PM ET. Starting on May 23, 2023, only the new versions of the contract and application forms will be accepted. 

As part of the transition to Beneva, all marketing documents will also be updated with the Beneva branding and colors and will be available in the Document Center. 

Note that a newly revised Beneva Marketing Material Online Order Form will be available as of May 23 for all your document ordering needs, including forms. Until then, please continue placing your document orders same way you do now.     

For Beneva Investment Account Contracts only 

We simplified the signing process of the Beneva Authorization Form (known as Limited Authorization form). As of May 23, the updated Beneva Authorization Form will be integrated into the application by default.

Clients can opt out by checking the “Refusal to give authorization” box. Previously, the client had to sign the Limited Authorization Form in addition to the application to give permission.

Good news! We also streamlined our forms and reduced the number of Beneva Investment Account applications to keep it simple. These will be available on the Beneva Document Center as well as on the secure advisor sites. 

Mobile Office Application

The Mobile Office is an intuitive iPad app that allows you to perform most of your day-to-day savings and investment transactions online. In order to use it you will need to have an iPad running version iOS 12 or higher. 

Products available are: 

• Investment Accounts 
• Traditional GIAs 
• Equity Index GIAs 

Transactions available are: 

• Applying for a new plan  
• Providing instructions within an existing plan  

For current Mobile Office users, you will be notified in advance of upcoming updates. 

If you wish to download the application, contact broker.support@beneva.ca to request your Mobile Office redeem code. 

Client communication

Please be advised that the following client notices will be mailed to your clients in the coming weeks: 

Regular Product Clients (SSQ)
Investment Accounts Clients - Annuity Contracts (La Capitale)
Guaranteed Income Product Clients (SSQ) 

These notices include information regarding the modifications that will be made to our La Capitale Savings Annuity contracts and SSQ Guaranteed Investment contracts as of May 23, 2023. To consult all the details, click on the client notice links above.  

Our Partnership is a top Priority

You and your clients are important to us. Our transition to Beneva is being done in steps so that we can do everything in our power to ensure a quality partner experience. 
 
Stay tuned! You will soon be receiving our Launch Webinar invitation that will cover everything you need to know about the upcoming changes.  

Have a question on our transition to Beneva and the impact on your business? Consult our Frequently Asked Questions that will be updated as of May 23. 

Shirley Marquis 
VP Brokerage Networks