Proposal for voluntary, privately-run option would significantly expand retirement savings plan coverage for working Canadians
TORONTO, Dec. 20 /PRNewswire/ - Sun Life Financial Inc. (TSX/NYSE: SLF) welcomes the outcome of the Finance Ministers' meeting, which concluded today in Kananaskis, Alberta.
"Sun Life Financial commends the Finance Ministers for moving forward with a framework for large, pooled registered pension plans," said Chief Operating Officer Dean Connor. "We believe that it is in the public interest to help people save at work. By targeting current gaps, Canadians will have access to a retirement savings option not currently available."
According to Connor, the advantage of saving at work was aptly described by a pension plan member who participated in a recent Sun Life Financial survey:
"When the money comes off your paycheque, you don't miss it. But if you didn't have this option and it had to be deducted from your bank account, it's more visible and sometimes hurts given so many other priorities."
"The Finance Ministers' proposal would allow small and medium-sized businesses to better provide access to low-cost retirement savings options for their employees, and alleviate employers of many of the responsibilities and costs associated with providing a plan, which will now be borne by a regulated financial institution," said Connor.
Connor said the outcome is an important part of the overall reform package, which also includes a focus on financial literacy. "The proposed reforms reflect an equitable balance of responsibility among individuals, employers and government that is key to the success of Canada's retirement system."
"Sun Life remains committed to working with government and stakeholders in order to arrive at the best possible retirement solutions for Canadians," said Connor. "We encourage all levels of government to work together to move this proposal forward."
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of September 30, 2010, the Sun Life Financial group of companies had total assets under management of $455 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
SOURCE Sun Life Financial Inc.