Starting December 31, transaction notifications you receive through Service Now, and that are specific to full redemptions of guaranteed interest investments prior to the maturity date in an SLF Trust GIC, will include the following details:
Regulatory rules for Deposit Type Instruments, or Trust GICs, require financial institutions to disclose these details to the contract holder. As the Client’s advisor, you will need to share this information with them to ensure they are aware of the impact of redeeming their investment early.
Appropriate ways of communicating this information are:
Note for Insurance GICs*
Accumulation Annuities are not regulated the same as Trust GICs and do not require the same level of disclosure, however we realize it’s important for Clients to be aware of fees associated with early redemptions. Starting December 31, we will provide MVA fees for Accumulation Annuities, as well, to inform Clients of any charge associated with the early redemption.
General reminders for SLF Trust GICs
*Insurance GICs are accumulation annuities issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies
Contact: 1-800-800-4SUN (4786), and follow the prompts for guaranteed savings, RRIF and LIF products.