A first of its kind in Canada – an 'all-in-one' target age solution
that simplifies retirement income
TORONTO, Sept. 26,
2024 /CNW/ - Five million Canadians will turn 65 this
decade and be one step closer to retirement. Today, Sun Life
introduced Sun Life MyRetirement Income, an innovative first for
Canadians that provides retirees with a reliable source of income,
while maintaining flexibility and the potential for continued
investment growth. This fully automated solution can help ease the
transition from saving to drawing income in retirement.
"With 40% of Canadians worried about outliving their savings,
providing support and sustainable retirement income is essential,"
says Eric Monteiro, Senior
Vice-President of Group Retirement Services at Sun Life.
"Retirement should be a time of relaxation and enjoyment, not
financial stress. We knew we had to find a solution to simplify the
process to make Canadians' money last. Sun Life MyRetirement Income
ushers in a new era of decumulation for Canadians."
Designed to be simple because retirement is complex
This fully automated solution, designed in collaboration with
Sun Life Global Investments, is an easy and flexible way to help
Clients' savings last to the age they want ('maturity age').
Currently, no solution in Canada
combines all three of the below benefits in one offering.
- Reliable income that lasts. The solution turns savings
into income all the way through to the selected maturity age.
Clients will receive regular payments delivered directly to their
bank account, similar to a paycheque.
- Flexibility. Individuals can change their maturity age
and decide how often they receive payments. They also have full
access to their account balance. Money can be withdrawn or added at
any time, without fees or penalties.
- Opportunity for growth. Clients can continue to grow
their savings throughout retirement. Their savings are invested in
a well-diversified portfolio that is specifically designed for
individuals in retirement, properly balancing risk and return to
generate stable investment returns.
"Sun Life Global Investments is proud to be leading the industry
with this market-first solution that addresses a significant gap in
retirement solutions for Canadians," says Oricia Smith, President, SLGI Asset Management
Inc. and Senior Vice-President, Investment Solutions, Sun Life
Canada. "The need for financial advice doesn't end in retirement.
This unique category of target age solutions automates retirement
income, and Canadians benefit from built in advice. It takes the
guess work out of retirement and helps their money last so they can
enjoy life with financial confidence."
Clients have one important decision to make – the maturity age,
85, 90, 95 or 100. Each year, payments will be recalculated based
on a Client's account balance. These payments will also reflect
investment performance and any changes a Client made throughout the
previous year. In the accumulation phase, target date funds
automate the savings journey for plan members, and the complex
investment decisions are taken care of by the professionals. The
solution allows for a fully automated experience, simplifying
retirement income for Clients so they can focus on living their
best retirement.
Sun Life MyRetirement Income is exclusively available through
our Client Solutions Centre to Sun Life Group Retirement Services
plan members transitioning into retirement.
Learn more about Sun Life MyRetirement Income now.
About Sun Life
Sun Life is a leading international
financial services organization providing asset management, wealth,
insurance and health solutions to individual and institutional
Clients. Sun Life has operations in a number of markets worldwide,
including Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30,
2024, Sun Life had total assets under management of
$1.46 trillion. For more information,
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
About Sun Life Global Investments
Sun Life
Global Investments was purpose built to combine the strength of Sun
Life with some of the best asset managers in the world. Since then,
we've become a trusted wealth management firm for so many
Canadians—managing over $58 billion
across a diverse selection of retail mutual funds, insured wealth
products, pension funds and other institutional funds, including
$12 billion in our flagship Sun Life
Granite Target Date Funds (as of June 30,
2024). As part of the Sun Life group of companies we have
access to a depth of resources, giving us (and ultimately our
Clients) unique advantages. We are driven by our goal to help plan
sponsors deliver the best possible retirement for their members.
And our unique advantages help us continually enhance our funds and
develop new and innovative solutions to achieve this goal—to and
through retirement. For more information visit
www.slgiinstitutional.com.
Sun Life Global Investments is a trade name of SLGI Asset
Management Inc., Sun Life Assurance Company of Canada and Sun Life Financial Trust Inc. all
of which are members of the Sun Life group of companies.
Note to editors: All figures in Canadian dollars
Media Relations Contact:
Alexandra Dalipi
Manager
Corporate Communications
T. 416-526-6881
Alexandra.dalipi@sunlife.com
SOURCE Sun Life Financial Inc. - Financial News