Five fund changes affecting Choices Savings and Retirement Income plans and mySunSavings Plan

We regularly review our fund lineup so that our Clients always have access to high-quality investment options. From changes in our fund management fees (FMFs) to offering new investment solutions, our goal is to help Clients achieve lifetime financial security.

We would like to inform you about a series of recent and upcoming fund changes. They affect the Choices Savings and Retirement Income plans and the mySunSavings Plan.

They include: 

Please see below for details on each of these fund changes. You’ll also find how and when we will be communicating the changes and whom to contact for more information.

Why are we making this change?

Clients holding these funds received the FMF decrease automatically. They can sign in to mySunLife.ca and select the Account fees tab to review the management fees of any investment.

As target date funds near maturity, their FMFs may decrease. This is to reflect the increased allocation of assets to low-risk, fixed income investments.

Clients who currently hold the closing funds can continue to transact until April 27, 2020. Clients have until April 27, 2020 to move their assets to the GDIA or a fund of their choice. If they take no action, we’ll transfer the assets to the GDIA on their behalf automatically.

We removed the closing fund from the list of investment options available to new Clients on January 30, 2020. Clients who currently hold it can continue to transact until June 5, 2020. Clients have until June 5, 2020 to move their assets to the replacement fund or a fund of their choice. If they take no action, we’ll transfer the assets to the replacement fund automatically on their behalf.

Why are we making this change?

We continually monitor the investment options available to our Clients. Enhancing our investment platform by adding and removing funds is one of the ways we deliver on this. The replacement fund offers diversity by holding a variety of established Canadian companies. The investment risk remains the same at moderate-high, ideal for investors with a long-term outlook. The replacement fund has a FMF 20 bps (0.20%) lower than the Sentry Value Segregated fund across all FMF Tiers.

Clients who currently hold the maturing funds can continue to transact until June 22, 2020. Clients have until June 29, 2024 to move their assets to the receiving fund or a fund of their choice. If they take no action, we’ll transfer the assets to the receiving fund on their behalf automatically.

Clients who currently hold the maturing fund can continue to transact until June 29, 2020. Clients have until June 29, 2020 to move their assets to the receiving fund or a fund of their choice. If they take no action, we’ll transfer the assets to the receiving fund on their behalf automatically.

How will we communicate these fund changes to Clients?

We’ll provide Clients with links to access more information and tools online to help them make informed decisions. We’ll also encourage them to contact the CSC or their SLFD advisor - if they have one - to discuss these changes.

Questions?

Please contact your Sun Life Group Retirement Services sales representative.