Pension Plan Services at Sun Life Financial
Western Pension Plan members have access to a full range of services, tools, and information at Sun Life Financial, including:
- The ability to see your account valued on a daily basis and to make investment changes on any business day
- Excellent online access and mobile account access
- The option to provide investment instructions via phone
- Access to investment advice
- Detailed information about the holdings within each investment
- Investment fees* that remain highly competitive (and are locked in until January 2027)
Western’s Joint Pension Board retains oversight of the plan and continues to select the best investments for members, as it has done since 1969. In 2014 Western selected Sun Life as preferred provider of a Retirement Income Fund (RIF) for Western retirees, and in 2017, Pension Plan services were also transitioned to Sun Life. Sun Life is the largest provider of defined contribution pension plans in Canada and has 27 universities among its clients.
* Total fees include investment management fees, custodian fees and fund operating expenses
Good to know: Your Sun Life account number is 03479, followed by your nine digit Western employee ID number.
The first time you login to your account, either through the Western login page (using your Western credentials) or directly at sunlife.ca/western, you will be asked to verify your identity and register. Here is information you may be required to provide:
- Your Western employee ID (nine digits) or your Sun Life account number (03479 followed by your 9-digit Western ID number).
- Your date of birth, country of residence, postal code and your account number.
- You will be prompted to establish a Sun Life access ID and password (unless you have done so for a previous Sun Life account). These will be used anytime you log directly into sunlife.ca/western or use the my Sun Life Mobile App.
Background on Western’s Transition to Sun Life Financial
Effective January 1, 2017, delivery of most services associated with the Western Pension Plans were transitioned to Sun Life Financial. The move was made to provide an exceptional member experience: innovative financial planning tools, self-service technology and investment advice. The changes brought many new benefits while allowing Western to continue to offer:
- the same contribution levels, eligibility rules and retirement options
- access to familiar low-cost, diversified investment funds; and
- the Joint Pension Board's plan oversight and investment selection, as they have done since 1969
Additionally, through Sun Life, Western is now offering access to improved member services, including:
- 24/7 online access to your investment holdings and performance information
- mobile access to your pension account and investments
- 24/7 access to online educational and financial planning tools including retirement planning and financial calculators
- daily account valuation and the opportunity to make same-day investment changes on business days
- the opportunity to make investment changes online or over the phone
- a Customer Care Centre, available to answer questions and assist on any business day from 8 a.m. to 8 p.m. ET
- licensed Investment Advice Specialists, available any business day between 8 a.m. and 8 p.m. ET on business days, to provide unbiased, one-on-one advice on your pension plan investments
In January 2017, members received a welcome letter from Sun Life containing their new account number, allowing them to register and receive their access ID and password. Members were reminded that:
- their pension remained invested as per their previous elections
- Western did not transfer beneficiary information to Sun Life. Each member was asked to log in to their Sun Life account to designate their beneficiaries to ensure their assets are distributed according to their wishes in the event of their death. (www.sunlife.ca/western > my financial centre > under Quick links select Beneficiary Info)
Members were also encouraged to:
- download the my Sun Life Mobile App, available for smart phones to review their account online, any time, on the go
- use the online tools at sunlife.ca/western to help make investment decisions with confidence.
- review their portfolio through sunlife.ca/western to determine if their current investment options are the right choices
Published on and maintained in Cascade CMS.