Coming soon: Sun Life Choices Flex

November 27, 2024

*Please note, the email you received yesterday had an incorrect date.

We’re introducing a new, more flexible way to help plan members maximize their savings potential and achieve greater financial security. Starting January 27, 2025, plan members will have exclusive access to additional savings products through Sun Life Choices Flex.

With Sun Life Choices Flex, plan members will have more choice and flexibility. This allows them to seamlessly add additional savings streams to their plan and manage everything in one convenient place. We are extending this offering to all Clients, including SunAdvantage™ my savings in a phased rollout over 2025.

About Choices Flex

Choices Flex offers plan members access to additional accounts if your Client doesn’t offer them. This includes a Tax-Free Savings Account (TFSA), Non-registered Savings Plan (NREG), and Registered Retirement Savings Plan (RRSP). Choices Flex benefits are complementary to existing employer plans. For example, if a workplace plan offers a Defined Contribution Pension Plan (DCPP) and RRSP, plan members in that plan who enrol in Choices Flex will only be able to access Choices Flex TFSA and NREG products. A Choices Flex product is meant to supplement what an employer workplace plan offers and would never be offered to plan members if the same product already exists under the workplace plan.

For your Clients, Choices Flex provides:

  • More choice and flexibility, with no administration required
  • A full suite of savings products between their workplace plan and Choices Flex (RRSP, TFSA, and NREG). Choices Flex offers benefits that are complementary to the existing employer plan. A Choices Flex product would never be offered to plan members if the same product exists under the workplace plan
  • Plan members can contribute through lump sum, recurring lump sum payments or asset consolidation
  • Competitive fees and diverse investment options
  • Sun Life One Plan, 360 Plan Advice, member education and communication campaigns
  • Seamless member experience when moving from Choices Flex to Group Choices, if they retire or leave their workplace plan
  • The opportunity to strengthen members financial wellness and resiliency
  • Plan members can manage all their assets in one place

We’ll be sending a GR News about the launch of Choices Flex to eligible plan sponsors on December 5, 2024*.

We’ll send out a GR News in January 2025, with more details about the plan member campaign.

Questions? We’re here to help.

Please reach out to your Sun Life Group Retirement Services representative*.

*In Quebec, Financial security advisor for Choices Flex

*In Quebec, Group annuity plans advisor for Group Savings