A look ahead: 2024

Our decumulation program helps address plan sponsor needs – and members’ desire for freedom, flexibility and security. 

We deliver exceptional advice through engagement and one-on-one support to help members with both accumulation and decumulation strategies.

Our new Retirement Planner, One Plan, allows members to go as deep and as far as they want to go in their planning experience. If they want to do a quick, simple, basic plan, in 2024 they’ll be able to do so with the launch of the Quick planner. If a member wants to keep going and go deeper into their planning, the Retirement Planner will take them through the planning experience. In cases where members want advice, this can be requested through 360 Plan Advice or their SLFD advisor. With 360 Plan Advice, powered by Sun Life One Plan, members can access personalized advice from licensed, salaried, Sun Life financial services consultants. 

Creating a seamless One Sun experience is critical. We’ll make it easy for plan members to enrol in retirement income products and receive a single retirement paycheque. Offering new and innovative products is key to strengthening decumulation results for plan members. Stay tuned for more information coming later this year on how we’re expanding our investment solutions for plan members in retirement.

In 2023, we launched our new Request Centre. New experience from Sun Life for driving greater efficiency and convenience into daily activities:

• One place for request management: organized and transparent real-time tracking
• Guided flows
• Up-to-date status: real-time progress tracking
• Secure attachments

After a success pilot we’ve gradually made the tool available to all our Clients. With the Request Centre, you can:

• Submit all new enrolments and stay up to date on progress.
• Submit non-financial updates to your members’ information.
• Upload beneficiary forms.

Stay tuned, as in 2024 more features will become available!

Exciting new digital innovations coming in 2024:

• Withdrawal redesign
  Remove friction for members that need to take money from their GRS plan by tackling key pain points, while showing them the real-time impact of their withdrawal on their retirement savings.
• Digital & mobile PAC
  Digitize existing paper-only experience that allows members to provide ongoing contributions to their GRS products.
• Quick Plan
  Allow members to provide a few quick data points to get a quick accumulation outlook + strategies.
• Re-enrolment Redesign
  Redesign the MAX Review experience to benefit from the last 3 years of innovation while inheriting new innovations.
• Financial Literacy Hub
  Allow members to indicate areas of focus and provide them curated articles and information.
• Mobile Innovation
  Continue to evolve our mobile app by providing key innovations and enhancements, including the ability to withdraw funds and track their RRSP/TFSA limits.

Planalytics

Planalytics is a quarterly report we launched a few years ago that provides you with the data you need to monitor the health or your plan and drive best member outcomes. The reports include:

• Metrics to support best in class plan management
• Detailed reporting structure
• Simple and intuitive visuals

We spent 2023 talking to our Clients, gathering feedback on the tool, and learning how we could enhance the tool to better serve your needs. In 2024, we’ll introduce a set of comprehensive updates based on your feedback. This includes:

• Integrated industry benchmarks,
• New Decumulation section,
• Enhanced Digital engagement metrics,
• More data segmentations (by age, tenure and gender), and
• Improvements to layout and design.