Sun Life Global Investments collaborated with Sun Life Group Retirement Services to design a new solution, Sun Life MyRetirement Income, and with it, a whole new decumulation category: target age solutions.
Simplifying retirement with a revolutionary new category in retirement income: target age solutions
Canadians struggle with an easy way to get income when they retire. 90% of plan members want regular income, but don’t want to lock in all of their savings. And during their retirement years, 40% of Canadians worry that they will run out of money.1
This real challenge is why Sun Life Group Retirement Services and Sun Life Global Investments are excited to introduce a new target age retirement solution: Sun Life MyRetirement Income, a solution not available anywhere else in Canada. It provides all the benefits plan members want with an easy transition from saving, to drawing income in retirement.
At Sun Life, we’re committed to delivering innovative solutions to drive better outcomes for our Clients and plan members. We know that when Canadians select a retirement income solution, they want reliable income, flexibility, and simplicity2. Until now, no one solution has offered all these benefits combined.
Delivers a simplified, automated experience
Sun Life MyRetirement Income is an automated income solution for plan members in retirement. Designed to simplify the retirement journey, plan members need to make one important decision: the age they want their money to last until (“maturity age”). Similar to target date funds during accumulation, the solution automates the decumulation journey. All calculations and investment decisions are taken care of to make it easy for retirees. Savings are optimized to deliver a regular income stream all the way to the selected maturity age, with everything taken care of.
Offers the features that Canadians are looking for
One third of Canadians find it challenging to plan for retirement in Canada, and there is no one-size-fits-all retirement income solution. Sun Life MyRetirement Income offers many important and simplified features that plan members are looking for:
Reliable & consistent income. Receive payments all the way through to the selected maturity age. Annual payment recalculations will factor in investment performance and account changes
Flexibility. Plan members can add or withdraw money at any time, as well as change their maturity age or payment frequency
Retirement affordability. It offers plan members a steady budget so they know how much they can spend each year, so they don’t spend too much, or too little
A solution that comes with professional advice and support
Plan members have access to Sun Life’s retirement consultants* that can answer any questions, help them enrol in the solution, and determine the maturity age best for them.
At Sun Life, we want to manage the uncertainty around retirement and give plan members confidence that we can help them live a secure and fulfilling retirement.
*Registered as Financial security advisors in Quebec.
Questions? We’re here to help.
1Source: MFS 2023 Global Retirement Survey. Canadian respondents only.
2Source: Sun Life and Canadian Association of Retired Persons Survey, 2024
This solution is available exclusively through Sun Life Group Retirement Services.
All investment solutions are offered as segregated funds for group retirement plans exclusively by Sun Life Assurance Company of Canada, through Sun Life Group Retirement Services, a member of the Sun Life group of companies.
Sun Life Global Investments is a trade name of SLGI Asset Management Inc., Sun Life Assurance Company of Canada, and Sun Life Financial Trust Inc.
SLGI Asset Management Inc. is the investment manager of the Sun Life Mutual Funds.
© SLGI Asset Management Inc. and its licensors, 2024. SLGI Asset Management Inc. is a member of the Sun Life group of companies. All rights reserved.
