Grow your money faster AND consolidating your savings

You may be eligible to transfer savings1 you have with other financial institutions to your workplace plan with Sun Life.

Why transfer your savings to Sun Life?

By transferring your savings to Sun Life, you can take full advantage of your workplace plan:

  • Lower management fees: You have access to fund management fees that are typically lower than fees on similarly managed funds available on a retail basis to the average individual investor with other financial institutions. You may not think this makes much of a difference, but you’ll be surprised at the impact over the long term. Paying lower fund management fees can potentially save you a significant amount of money over time.
  • Maximize your returns: With your workplace plan, you have access to a wide range of institutional quality fund managers that can help build a well-diversified portfolio.2
  • Improve your financial decision making: Having your savings with one financial institution better enables you to periodically review and adjust your investments. Since various assets perform differently over time, this can help ensure you don’t miss an opportunity to earn more.
  • Simplify your finances: Dealing with paperwork and online statements from multiple financial institutions can be overwhelming. Combining your investment accounts in one place is more convenient and can save you valuable time.

Watch this Simply put : should you consolidate your savings? to learn more.

video thumbnail

What does it mean to consolidate your investments?

Simply put, consolidating your savings means taking the money you have with several different financial institutions and putting it all together. This way, you can take full advantage of a plan in one place.

Consolidating your savings into one place can make managing your investments simpler, lead to less confusion and stress, and mean more money for retirement.

Here’s how:

  • One. It can save you money on management fees. Every investment comes with fees, usually shown as a percentage. The percentage may sound small. But even a 0.75% reduction in fees can mean thousands of dollars more for your retirement, without having to increase your contribution.
  • Two.  It gives you a chance to consider your investment returns. Having your savings in one place provides you with an overview of your investments. This enables you to regularly review and rebalance your investment mix. And determine the amount of investment risk you’re comfortable with. Various assets perform differently over the short term and long term. Consolidating can also help ensure you’re not missing an opportunity to earn more on your investments.
  • Three. It makes it easier to keep track of your investments. Managing your household finances can be difficult enough. Having multiple savings plans in multiple places adds complexity. Keeping track of your investment performance, investment risk, and the associated fees, is much simpler.

Consolidating your savings can potentially save you money and make your investments easier to track. It may also mean a difference of thousands of dollars in income, when you’re ready to retire.

For more tips and tools, visit sunlife.ca.

Take advantage of your workplace plan. Transfer your savings today.

Sign into mysunlife.ca and go to my financial centre > Requests > Consolidate your savings from the top menu.

Or call 1-866-733-8612 and speak to a licensed Financial Services Consultant.3

1 Subject to the terms of your plan and personal contribution limits as defined by the Income Tax Act.

2 Funds must be held for a minimum of 30 days before making changes, or you may be subject to a short-term trading penalty.

3 Identified as Financial Security Advisors in the province of Quebec.