The University of British Columbia Faculty Pension Plan has appointed the Sun Life Assurance Company of Canada to be its custodian and recordkeeper. The agreement was initially reached in September 2014 and the transfer was completed on June 25, 2015.
In a press release issued last week, Sun Life noted that deal is the largest of its kind ever completed in Canada: it makes the insurer custodian and recordkeeper for approximately $2 billion in assets for 5,800 plan members.
Sun Life has also entered into a co-administration model with the University of British Columbia’s Pension Administration Office, where the latter will continue to provide member services and support, while Sun Life will offer plan members access to the information, tools, and services available through both mysunlife.ca and its customer care centre.
"Sun Life is delighted to be partnering with one of Canada's largest and most prestigious learning institutions", says Tom Reid, Senior Vice President, Group Retirement Services at Sun Life. "We have been working with UBC on their retirement plan for several years and moving to this unique co-administration model is a natural extension of a long standing relationship."