Update to Service and Fee Agreement (SFA) for SunAdvantage™ my savings

January 13, 2025

As part of our regular reviews of our service offering as a Group Retirement Services (GRS) provider, Sun Life ensures we have up-to-date service and fee agreements (SFA) with our Clients. This continuous review may be triggered by evolution in our industry, updated CAPSA guidelines or legislation, new capabilities, or a change in the environment we work in.

We have therefore made a few updates to our existing SunAdvantage™ my savings SFA. (Note that the new wording is already part of the enhanced version of SunAdvantage my savings since its launch in September 2024).

Why are we doing this?

  • This ensures we meet our obligations as an insurer under the Pension and Insurance acts, CAP guidelines, privacy legislation, as well as our Fair Treatment of Client obligations.
  • Effective April 16, 2025, the enrolment section will be updated, and the Minimum Requirements schedule will be added to the existing Service and Fee Agreement of SunAdvantage my savings clients, implemented prior to September 2024.

Rationale for updates

  • Service Providers and Plan Sponsors offering GRS Products have the responsibility to ensure members are provided with the necessary information and tools to make an informed decision at point of enrolment and throughout the life of the plan.
  • Additionally, in situations where we may not be issuing the member booklet/plan summary, for example, we need to ensure the obligations to inform members are still met. Having the minimum requirements schedule ensures we offer best in-class support for our Plan Sponsors and members.
  • With digital enrolment now offered, Plan Sponsors may send us demographic information and therefore we need to ensure they provide us with accurate and up-to-date member information, including status updates (section 4 update).
  • The Minimum Requirements Schedule clearly outlines the roles and responsibilities the Service Provider and Plan Sponsor play and ensures Plan Sponsors assist us in meeting those obligations, which is also important with the updated CAPSA Guideline No. 3.

Attached is a copy of the updated Service and Fee agreement with DPSP and without DPSP, which you will also be able to reference online. As a reminder, our SunAdvantage mysavings landing page includes supporting documentation and reference materials for plan advisors, plan sponsors and members in helping meet these obligations.

Note that SunAdvantage mysavings is a turnkey product with no possibility of customizations.

Effective date

This will be in effect April 16 2025, to ensure you have sufficient notice. The updated SFA will be reflected in the section of the website for SunAdvantage my savings plans set up before September 16, 2024.

Questions?

Contact your Sun Life Group Retirement Services representative.