TORONTO, Dec. 9, 2014 /CNW/ - Sun Life Financial announced today that it has been chosen by Western University to provide a Retirement Income Fund (RIF) to its retirees, both current and future. RIFs provide retirement income to an individual by directly transferring money from an RRSP. Each year the RIF holder must withdraw a set portion of the money in the fund and pay tax on it. The University had been exploring the possibility of moving their in-house managed $250 million RIF to an external provider and received approval from the Western Board of Governors in November to enter into an agreement with Sun Life Financial.
As the market leader of workplace retirement savings plans, Sun Life Financial provides employees with solutions as they prepare for their unique retirement goals. This continues through their working career and as they transition to retirement.
"When it comes to our employees, we have specific and demanding requirements to ensure that they receive the highest level of service," says Jane O'Brien, Western's Associate Vice President, Human Resources. "We selected Sun Life because they offer the best value – quality investment options, and an excellent client service model. We're confident in Sun Life's commitment to meeting our needs as a fund provider and helping our employees in their retirement."
The new RIF program offers competitive fees, familiar investment choices and a number of features and benefits that are not available to Western retirees today. The RIF program is offered by Sun Life Financial Trust Inc. with investment options and administrative services provided by Sun Life Assurance Company of Canada.
"We're pleased that Western has selected Sun Life to provide a Retirement Income Fund to their retirees," says Kevin Dougherty, President, Sun Life Financial Canada. "Sun Life currently helps plan members in 45 academic institutions in Canada with their retirement needs. We appreciate the confidence that Western has placed in us, and look forward to supporting their employees in their retirement years."
About Sun Life Financial
Sun Life Financial Trust Inc. and Sun Life Assurance Company of Canada are subsidiaries of Sun Life Financial Inc. and are members of the Sun Life Financial group of companies.
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key 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 September 30, 2014 the Sun Life Financial group of companies had total assets under management of $698 billion. 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.
Note to editors: All figures in Canadian dollars.
SOURCE: Sun Life Financial Canada
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