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 funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada).

In September 2023, Sun Life Group Retirement Services added the Sun Life Granite Conservative Retirement and Granite Aggressive Retirement Segregated Funds to your plan(s).

Your plan(s) also offer the Granite Retirement Segregated Fund (“Granite Retirement”) with Moderate risk level. However, its name currently doesn’t explicitly state the “Moderate” risk level. This may affect member experience, since they may not immediately recognize the risk level from the Fund’s name.

For clarity and consistency for your members, we’ll replace the Granite Retirement Fund in your plan(s) with Granite Moderate Retirement Segregated Fund (“Granite Moderate Retirement”) on April 10, 2024.

This change won’t have any investment impact on your members, since both funds invest in the same underlying fund. Both funds have the same investment management fees.

After this switch, your plan(s) will offer three Granite Retirement Funds with the risk level specified in the fund name as follows:

  • Sun Life Granite Conservative Retirement (35% equity allocation)
  • Sun Life Granite Moderate Retirement (41.5% equity allocation)
  • Sun Life Granite Aggressive Retirement (48% equity allocation)

Do you have to take any action?

You don’t have to take any action. We’ll automatically remove Granite Retirement and add Granite Moderate Retirement funds to your line-up on April 10, 2024.

How will this affect your members?

On April 10, 2024, we’ll transfer any money in – and any future contributions directed to - the Granite Retirement to the Granite Moderate Retirement Fund. When the changes are implemented, plan members will see a sale of the Granite Retirement and the purchase of the Granite Moderate Retirement in their accounts. Given the structure of the funds, this change will not result in a taxable capital gain or loss.

Questions?

Please contact your Sun Life Group Retirement Services representative.