Sun Life’s retirement solution

Sun Life MyRetirement Income is advertised as fully automated and was designed in collaboration with Sun Life Global Investments. It is intended to help maintain clients’ savings until the age they prefer — known as maturity age.

This new solution offers the following:

  • It 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
  • 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 Money can be withdrawn or added at any time, without fees or penalties
  • Their savings are invested in a well-diversified portfolio that is specifically designed for individuals in retirement, balancing risk and return to generate stable investment returns

"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,” Oricia Smith, Sun Life Canada’s senior vice-president of investment solutions, added.

“It takes the guesswork out of retirement and helps their money last so they can enjoy life with financial confidence."

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Maturity age

The maturity age can be 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, while the investment decisions can be taken care of by Sun Life.

Sun Life MyRetirement Income is exclusively available through its Client Solutions Centre to Sun Life Group Retirement Services plan members.

As of June 30, Sun Life had $1.4 trillion in assets under management.

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Nicholas Sokic Contributor

Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.

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