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Sun Life offers a new solution to improve the retirement income

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July 5, 2017 11:30

Sun Life Canada has announced the launch of a solution designed to improve the retirement income of participants of group savings plans in Canada and based on a maturity date. According to the life insurance company, this solution for retirement is a first in the canadian market.

The new solution will bring the participants to give themselves a retirement income goal, and make concrete choices that help to bridge any income gap, in addition to offer an experience personalized investment based on a wide range of factors other than the traditional aspects, such as age and risk tolerance. This solution will also take into account the salary, the rate of savings, the accumulated savings and other retirement plans and savings, including retirement annuities from the government.

Partnership with Dimensional Fund Advisors

The solution will be created in partnership with Dimensional Fund Advisors, an investment management company global transpose of long academic research in investment solutions concrete. The next generation solution based on a due date has been well received in other markets around the world, including the United States, South Africa and Australia.

«We are helping Canadians plan for their retirement income based on three essential elements : the income they will need, their capacity to save per pay period and the age at which they wish to take their pension,» says Thomas Reid, senior vice-president, group retirement services, Sun Life Financial Canada. This solution provides for customization of the investment, automatically adjusting if the situation and the needs of the participant change, while helping to manage the risk to income as they approach retirement. «

The new solution will be offered in the framework of the group savings plans of Sun Life of Canada in 2018.

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