Sun Life Financial has created a digital enrolment tool to help Canadians to take advantage of their group retirement savings plan.
Sun Life announced the launch of its MAX my [email protected] system on Jan. 28. The program automates enrolment and allows employees to conduct a regular review of their group pension and savings options; this is meant to improve participation and saving rates, and to encourage more active investment decisions. In addition, members can use MAX my [email protected] to update their beneficiary designations.
Sun Life notes that the program will help employers fulfill some of their pension plan responsibilities. For example, employers can determine how often they want their employees to review their retirement savings at work, either annually or more frequently. As part of the review, employees will consider decisions on investments and contributions to other accounts, including RRSPs and TFSAs, to ensure they are getting the most of their workplace plan.
“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.”