As part of our ongoing commitment to provide our Clients with quality products and services, we regularly review our pricing models and fees.
Based on a recent evaluation, we’re making the following changes to the withdrawal fees for Choices members, effective May 1, 2024:
- Full account balance withdrawal fee: $175 (previously $125)
- Transfer to another financial institution (Full or Partial account balance): $175 (Previously, 1 free transfer per year, $25 additional transfer)
- Withdrawal from a Registered Retirement Savings Plan (RRSP), Tax-Free Savings Accounts (TFSA) or Non-registered savings plan (NREG): 1 free withdrawal per year, $50 for each additional withdrawal (previously, 1 free withdrawal per year, $25 for each additional withdrawal)
These new fees remain competitive when compared to financial institutions that provide similar products. In some cases, the receiving institution may cover the cost of a withdrawal.
How are members being notified?
Members have been notified in their year-end statement about the increase to withdrawal fees. They’re encouraged to review the full listing of fees on their account by signing into mysunlife.ca and selecting Manage plan > my plan > Plan Overview > Account fees.
Members who have questions, or who wish to discuss their financial needs can contact 1-866-733-8612 Monday to Friday from 8am to 8pm ET.
If you have any questions, please contact your Sun Life Representative.
