Canadian plan sponsors ask for a better member statement, Sun Life Financial delivers

Sun Life Financial bolsters leadership position with new group retirement and savings plan member statement

TORONTO, July 7 2008 – Canadian plan sponsors are asking for improvements in the member statements delivered by group retirement and savings plan providers. Today, Sun Life Financial unveils my statement, a bold new plan member statement developed with input from plan sponsors, plan
members, and advisors.

An independent third-party survey conducted by Rogers Publishing found that few plan sponsors across Canada are “very satisfied” with their provider’s pension statement:

  • Only 5 per cent of respondents are very satisfied that their statements are read thoroughly
  • Only 9 per cent of plan sponsors are strongly satisfied that their statement motivates behaviour that’s in the best interests of plan members
  • Only 9 per cent are strongly satisfied that their pension statements promote their organization as an employer of choice

my statement represents the next step in the evolution of Sun Life Financial’s my money plan member education strategy. With my statement, plan members receive a clear and concise snapshot of their plan, while plan sponsors get a more valuable communication tool. Groundbreaking content management technology, Messagepointâ„¢ delivers targeted, member-specific calls to action that promote awareness and decision-making.

“Plan sponsors, regardless of which provider they do business with, are saying they see room for improvement in plan member statements,” says Claude Accum, Senior Vice-President, Group Retirement Services, Sun Life Financial Canada. “We’ve spoken with many of our customers and they are thrilled with my statement. We believe that the more plan members know about their money and investments, the more likely they are to take an active role in their retirement planning.”

Incorporating direct input from plan members, sponsors and advisors, along with international best practices, Sun Life Financial’s new group retirement and savings plan statement includes a number of key features:

  • A first-page summary of information plan members told us they value most, organized in distinct areas, personalized for each individual (plan balances, rates of return, investment mix)
  • Clear, informative visuals and graphics
  • Easy-to-read and meaningful language and explanations

“We were very pleased to work with Sun Life Financial to help them deliver an innovative plan member statement that meets the unique needs of their diverse customer base. We think they’ve hit a home run, especially when it comes to using this key touch point to educate their members on something as important as retirement savings,” says Tamara Sargeant, VP Communications Services, Prinova, a leading provider of innovative document design, development, software and delivery solutions.

As part of Sun Life Financial’s focus on sustainability, paper for the envelopes and statements will be FSC-certified. The Forest Stewardship Council (FSC) is a special designation that ensures the manner in which trees are harvested and sustained for the future meet criteria for environmental sustainability. Statements will continue to be available on Sun Life Financial’s Plan Member Services website for easy access and to help promote a paperless environment.

About Sun Life Financial

Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2008, the Sun Life Financial group of companies had total assets under management of $415 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.

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