Sun Life launches first retirement savings tool of its kind in Canada
Sun Life Financial has launched MAX my money@work – an innovative digital enrolment tool that makes it easier for Canadians to take full advantage of their retirement savings at work.
“It is estimated that Canadian employees are leaving as much as $3 billion in company matching money on the table annually,” says Tom Reid, Senior Vice-President, Group Retirement Services at Sun Life Financial Canada. “MAX will help to maximize their participation in their workplace pension plans by offering suggestions, including how to get the employer match to increase their retirement savings.”
Canadians have become used to reviewing their benefit plans at work to make changes on an annual basis. For the first time, this new digital tool does the same for retirement savings plans at work by automating enrolment and having a regular review of their group pension plans and savings options.
This regular review of retirement savings plans at work can result in:
- Increased participation and saving rates
- More active investment decisions
- Up-to-date beneficiary designations
- Helping employers in fulfilling their pension plan responsibilities
MAX also offers employers the flexibility to select when they want their employees to review their retirement savings at work. They can choose to review on an annual basis or more regularly to help them consider decisions on investments and contributions to other accounts, including RRSPs and TFSAs, to ensure they’re taking full advantage of their workplace plan.
“Digital innovation is changing how we do business,” said Kevin Dougherty, President Sun Life Financial, Canada. “Sun Life is at the forefront of this evolution in providing Canadian employees with an industry leading digital tool to meet their needs and change the way they participate in their pension plans at work to help them prepare for retirement.”