Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the fund listed below, which is established as a segregated fund in accordance with the Insurance Companies Act (Canada).

Sun Life recently found that Morningstar® incorrectly reported the benchmark return for the TDAM Canadian Balanced Index Segregated Fund (“the Fund”).  The benchmark for the Fund is the average industry asset mix of Canadian pooled pension managers (adjusted quarterly).

The benchmark return for the month of February 2021 was incorrect. Morningstar® reported the one-month return as -4.25%. The correct return was 1.14%. The error affected benchmark returns for the Fund on Morningstar® corrected the error on April 27, 2021. 

A Morningstar® internal investigation identified that the error was due to human error during manual data entry at Morningstar®.  To reduce the possibility of future errors, Morningstar® has automated the process going forward.

How does this impact you and your plan members?

It is important to note that the Fund’s returns have always been reported correctly; only the Fund’s benchmark returns were revised in Morningstar®.  Revised benchmark returns are available on the plan sponsor and plan member services website and on Morningstar®. 

You or your plan members don’t have to take any action because of this update.


Please contact your Sun Life Group Retirement Services representative.