The University of Western Ontario (UWO) has chosen Sun Life Financial to provide a Retirement Income Fund (RIF) to its retirees.
In a press release announcing the appointment on Dec. 9, Sun Life noted that until now UWO had managed its $250 million RIF in-house. The university received approval from its board of governors to transfer this responsibility to Sun Life last month. The insurer already manages retirement plans for 45 other academic institutions in Canada.
Sun Life says that the new RIF program will offer competitive fees, familiar investment choices, and a number of features and benefits that are not available to Western retirees today. The RIF program will be offered by Sun Life Financial Trust Inc. with investment options and administrative services will be provided by Sun Life Assurance Company of Canada.
"When it comes to our employees, we have specific and demanding requirements to ensure that they receive the highest level of service," says UWO's associate vice president of human resources Jane O'Brien. "We selected Sun Life because they offer the best value – quality investment options, and an excellent client service model. We're confident in Sun Life's commitment to meeting our needs as a fund provider and helping our employees in their retirement."