Sun Life Financial’s Group Product Offers Certainty, Security, Flexibility For Retirement Planning

Make your money last as long as you live: My Money For Life™

TORONTO, ON, Jan. 27 2010 – As Canadians plan for their retirement, they want to make sure they don’t outlive their savings. Sun Life Financial’s Group Retirement Services area is meeting this challenge head-on by making an innovative concept available to group plan members as they approach retirement.

my money for life™ is a guaranteed retirement income solution offering both insurance coverage and investment growth potential for the Canadian group retirement market. This product addresses new financial realities Canadians may face when they retire. One in five workers will be 55 to 64 years old in the next ten years,* and many are concerned about having enough income to fund a worry-free retirement in the face of market fluctuations, inflation, and increased longevity.

“We’re hearing from many people as they approach retirement that they want at least part of their retirement income guaranteed,” said Tom Reid, Senior Vice-President, Group Retirement Services, Sun Life Financial Canada. “my money for life fills a gap in the Canadian group retirement market by offering plan members an affordable, flexible solution that has the safety of a built-in guarantee, with the potential for market value growth.”

Findings released in Sun Life Financial’s 2009 Unretirement™ Index – a commissioned, independent survey that measured what Canadians think about retirement – revealed that more than 70% of pre-retirees between ages 45 and 65 would like at least some of their retirement income guaranteed. “Sun Life Financial believes that a secure retirement is important to Canadians, and our primary goal is to help them achieve lifetime financial security,” says Reid.

Plan members can guarantee their retirement income by adding my money for life to all or some of the group plan investments held in a Registered Retirement Savings Plan (RRSP), a Defined Contribution Pension Plan (DCPP), Deferred Profit Sharing Plan (DPSP), and Registered Retirement Income Plans.

Key features include:

  • Start receiving money at age 65: members who have reached age 65 can immediately begin receiving their lifetime annual income guarantee, no matter when they added my money for life – an industry first.
  • A simple guarantee formula: plan members 45 to 75 years old can add my money for life to their group plan investments. The initial amount – plus any future contributions – makes up the Benefit Base. The annual income guarantee is equal to 5% of the Benefit Base and is payable annually for life starting at age 65 (with no waiting period to receive income). Most importantly, the Benefit Base and the annual income guarantee will never decrease as a result of market declines.
  • Automatic resets to capture market gains: the Benefit Base is reset every three years on the member’s birthday to capture and lock in any increases in market value. If the market value is less than the Benefit Base, no adjustment is made. An increase in the Benefit Base means an increase in the annual income guarantee.
  • Investment flexibility plus option to keep coverage after leaving an employer: my money for life is the first group product of its kind that allows plan members to keep most, if not all, of their existing group plan investment options. Plan members have the flexibility to insure up to 60% of their assets invested in equities. Also, plan members leaving their employers have the option of maintaining coverage.
  • Ability to leave a legacy: any remaining market value of the assets covered by my money for life at the time of the plan member’s death will be paid to the spouse, named beneficiary, or estate at that time.

With guaranteed retirement income an area of concern for Canadians, Sun Life’s my money for life provides a solution to the group market and complements what’s already available for individual clients through segregated fund products, including SunWise Elite Plus.

Want to know more about my money for life?

    • For information about all aspects of my money for life, Sun Life Financial has launched a new, interactive website at that features animation, video, and helpful tools.
    • Watch Tom Reid, Senior Vice-President, Group Retirement Services, Sun Life Financial Canada, speak about this exciting new retirement solution: The convenience of my money for life.

* Statistics Canada, 2006 Census.

Group retirement products and services are provided by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies.

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 September 30, 2009, the Sun Life Financial group of companies had total assets under management of CDN$412 billion. For more information please visit

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

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