Manulife Financial has launched its new Group IncomePlus, aimed at guaranteeing group retirement savings plan members' retirement income for life.

An investment option available with any of Manulife’s group retirement savings plans, Group IncomePlus has no minimum initial or continuing contributions, making it accessible to all plan members.

The company has announced that Group IncomePlus is the first option that can be incorporated into the investment selection of any Manulife group retirement savings plan to provide members with guaranteed retirement income for life.

Sue Reibel, senior vice president of group savings and retirement solutions at Manulife Financial, said: An investment option that provides guaranteed retirement income for plan members while maintaining the flexibility plan sponsors value with capital accumulation plans is ideal for our marketplace. Group IncomePlus gives members a chance to remain invested so they can capture market growth without fear that market declines will reduce their guaranteed retirement income.