As a reminder to sponsors, audit season is fast-approaching. We’re highlighting key details to ensure a smooth process. Here is what clients need to know:

  • Timing for Pension Audits:
    • Sponsors are advised to submit their pension plan audits by May 1 to ensure timely handling.
    • All pension plan audit requests are to be received by May 2024 for the 2023 fiscal year. Pension plan audits are handled on a first in first out basis.
    • Sponsors are encouraged to send the confirmation letter as early as possible. Follow up requests can take up to 10 business days, including samples or additional reporting.
  • Timing for AIRs:
    • Enhanced copies of AIRs, or copies sponsors complete themselves will be sent from Sun Life 6 weeks before the filing date. For example, plans with a January 1 anniversary date have a filing deadline of June 30. Sun Life must send these reports by May 17, 2024.
    • Working copies (ones Sun Life prepares for the sponsors) will be sent from Sun Life 4 weeks before the filing date. Using the same example, plans with a January 1 anniversary date have a filing deadline of June 30. In 2024, working copies will be sent by May 31.
  • Fees for Audit/AIR:
    • Our default enhanced reporting package provides all necessary information to complete the AIR in an easy-to-use format at no cost.
    • Additional reporting fees may apply for both required and non required audits.

What does it mean for you? If your sponsors pension jurisdiction doesn’t require audited financial statements, there’s nothing they need to do.

In case your sponsors missed it, check out the changes we’ve made to our process for annual pension audits here.

For clients to start their audit, please reach out to our Pension Audit team at:

Questions?

Please reach out to your Sun Life Group Retirement Services Representative.