Changes to the withdrawal fees for Choices members

April 08, 2024

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.