Target Date Fund 2018 Now Closed
The Target Date 2018 Segregated Fund (TDF 2018), a Western Pension Plan fund, matured in 2018, as planned, and was closed.
On June 28, 2018 Sun Life issued a final letter to Western Pension Plan members who did not actively select a new investment for the proceeds from their maturing Target Date 2018 holdings. In cases where a new investment was not selected, proceeds were transferred to the Money Market Segregated Fund on June 7, 2018. The Sun Life letter and this notice will be the final communications regarding the fund closure.
Details
- In May 2018 Sun Life mailed a letter to all Western Pension Plan members who were invested in the TDF 2018 fund to advise them to make an investment change, because, as planned, the fund was maturing June 1, 2018.
- Members were notified they had until June 5, 2018 to select another investment for their TDF 2018 holdings by making a change either online in their Western Pension Plan account at sunlife.ca/western or by phone with the Sun Life Customer Care Centre at 1-866-733-8612.
- TDF 2018 holdings not reallocated by June 5, 2018 were automatically reallocated to the Money Market Segregated Fund at the close of business on Thursday June 7, 2018.
- As of Friday, June 8, 2018 at 8 a.m. ET, any member who had their TDF 2018 holdings automatically transferred to the Money Market Fund, is able to select one or more alternative investment options in their plan.
- The Money Market Segregated Fund was selected by Western’s Joint Pension Board to be the default investment fund in the event a member did not make a specific selection for their maturing TDF 2018 holdings. At the time, the underlying assets of the TDF 2018 fund had similar risk and reward characteristics as the Money Market Segregated Fund.
- Please keep in mind that the Money Market Segregated Fund is not a recommendation and it remains a member’s responsibility to actively select investments and allocate their contributions. Members may seek investment support from Sun Life by calling 1-866-733-8612 on business days from 8 am to 8 pm ET.
