Starting now, Sun Life has expanded the capability to enrol employees without them filling out a formal Sun Life enrolment form. This enrolment capability is possible when it is a condition of employment (sometimes referred to as auto-enrolment).
With regards to Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) products, we’re able to enrol employees into a:
- Defined Contribution Pension Plan (DCPP), including a voluntary participation pension plan and the additional voluntary contributions portion of a pension plan,
- Deferred Profit Sharing Plan (DPSP),
- Non-Registered Savings Plan (NREG) or
- Employee Profit-Sharing Plan (EPSP).
Under this method of enrolment, certain conditions need to be met, and you’d need to provide us with the required employee demographic information.
How does it work?
You’ll need to provide minimum required information to employees and collect their consent to:
- Enrol them into the applicable products
- Set up payroll deductions from their pay
- Share their personal information with Sun Life so we can enrol them in the plan
If you want to take advantage of these new capabilities or have questions, please reach out to your GRS representative.