Life s brighter under the sun (and so is your retirement)

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1 Life s brighter under the sun (and so is your retirement)

2 Key topics Your retirement options Understanding your plan Choosing your investments Managing your account Take action 2

3 YOUR RETIREMENT OPTIONS

4 What savings do you have? converts to How I save now converts to Income once retired Defined Benefit Pension Plan (DBPP) Defined Contribution Pension Plan (DCPP) Required Contributions Guaranteed fixed pension based on formula Locked-in savings Pension paid by former employer plan Life Income Fund (LIF) Annuity 4

5 What savings do you have? How I save now converts to Income once retired DCPP Voluntary Contributions Group Registered Retirement Savings Plan (RRSP) Deferred Profit Sharing Plan (DPSP) Tax-free Savings Account (TFSA) Non-registered savings converts to Non-locked savings Non-registered savings Annuity Registered Retirement Income Fund (RRIF) Cash Keep invested Cash 5

6 Retirement income options defined: ANNUITY A contract issued by a life insurance company A fixed sum of money paid to someone each year, typically for the rest of their life. LIF/RRIF Holds savings from a Registered Pension Plan (LIF) or an RRSP (RRIF). Minimum and maximum withdrawals apply but customizable. A COMBINATION OF THESE OPTIONS MAY BE SUITABLE 6

7 LIF/RIF Minimums* Attained age Minimum LIF Maximum** Age % 6.85% Age % 7.38% Age % 8.22% Age % 9.71% Age % 12.82% *All percentages are approximate, based on 2016, rounded to the nearest two decimal places **Percentages shown are based on Ontario maximums. The legislative maximum applicable to your savings is determined by the plan legislation during the time of accumulation. 7

8 Annuity - Example What is $100,000 worth Single Life $459 Joint Life Last Survivor $431 Age 60 $491 $441 Age 65 $516 $557 $482 $495 Female Male Female Annuitant / Male Spouse Male Annuitant / Female spouse Source: my money annuity premium calculator Assumptions: Payments begin at time annuity purchased, no cost-of living adjustment, payment guaranteed 10 year minimum period Joint Life Last Survivor also assumes spouses are identical age, and that 60% of initial annuity continues following death of annuitant 8

9 Considerations: Annuity or RIF/LIF? FEATURE / RISK LEVEL ANNUITY LIF/RRIF GUARANTEED INCOME Yes No INVESTMENT CHOICE None Yes MARKET RISK None Some INFLATION RISK Varies Some DEATH BENEFIT Varies Market Value 9

10 UNDERSTANDING YOUR PLAN

11 RIF LIF The Sun Life Retirement & Savings Plan for Western Retirees RRSP NREG TFSA 11

12 Take advantage of: Flexibility Broad investment choices Additional products available to you and your spouse Competitive and guaranteed fees Ability to transfer-in outside assets, including spousal assets Complimentary support and services from Sun Life Financial s licensed Retirement Consultants In-person and over the phone 12

13 Who is eligible? Members of the Western Pension Plans, when they retire (including non-residents of Canada) Spouses of these members, and surviving or ex-spouses who are members of the Western Pension Plan Any member of an extended health or dental plan provided by Western or its affiliated Colleges with registered assets at a Canadian financial institution To be eligible for the RIF through Sun Life Financial, those eligible need to establish a RIF with a minimum of $25,000 13

14 CHOOSING YOUR INVESTMENTS

15 Choosing your investments It is recommended that you take some time to review your current investments with a Sun Life Retirement Consultant and consider what changes may be right for you. 15

16 Investments vary by risk & return Returns Cash Fixed Income Equity Risk 16

17 Diversify $25,000 Growth of $10,000 ( ) $20,000 $17,314 $16,405 $15,000 $11,932 $10,000 $11,723 $5,000 Oct 05 Apr 06 Oct 06 Apr 07 Oct 07 Apr 08 Oct 08 Apr 09 Oct 09 Apr 10 Oct 10 Apr 11 Oct 11 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Oct 14 Apr 15 Oct 15 17

18 Your investment fund line up Asset Class Bond, Money Market or GIC Asset Allocation Funds available through the Sun Life Similar Western Fund Plan 1, 2, 3, 4 and 5 year GICs (new) Target Date Funds Money Market Segregated Fund Short Term Bond Segregated Fund Diversified Bond Segregated Fund Canadian Bond Segregated Fund Long Term Bond Segregated Fund Sun Life Managed Income Segregated Fund (new) Money Market Fund Liquidating Trust (n/a at Western) Diversified Bond Fund Canadian Bond Fund Long Term Bond Fund (n/a at Western) 1 Target Date Fund assets will transfer to GICs with similar term to maturity. Eligible for insurance to a maximum of $200, The Global Equity NR Segregated Fund and US Equity NR Segregated Fund are investments for non-registered funds allocated by members to the Sun Life Plan; these funds are new but are designed to be similar to the Western Funds noted above; they are exclusively for non-registered (i.e. not RRIF, LIF or RRSP) accounts. 18

19 Your investment fund line up cont d Asset Class Equity Funds available through the Sun Life Plan Diversified Equity (registered only) Canadian Equity US Equity Hedged Segregated Fund US Equity Unhedged Segregated Fund US Equity NR Segregated Fund (non-registered only) Non-North American Equity SRI Global Equity Segregated Fund Global Equity NR Segregated Fund (non registered only) Similar Western Fund Diversified Equity Fund Canadian Equity Fund US Equity Hedged Fund US Equity Unhedged Fund (n/a at Western) Non-North American Equity Fund Socially Responsible Global Equity Fund (n/a at Western) 1 Target Date Fund assets will transfer to GICs with similar term to maturity. Eligible for insurance to a maximum of $200, The Global Equity NR Segregated Fund and US Equity NR Segregated Fund are investments for non-registered funds allocated by members to the Sun Life Plan; these funds are new but are designed to be similar to the Western Funds noted above; they are exclusively for non-registered (i.e. not RRIF, LIF or RRSP) accounts. 19

20 Attributes of Segregated Funds Segregated funds are not part of insurance company s general funds protection from insurance company creditors Segregated funds offered under the Sun Life Retirement & Savings Plan for Western Retirees are subject to prudential investment regime applicable to insurance companies. Therefore opportunity to offer funds that are not offered under current Western plans. Beneficiary can be named and in that case assets may flow directly to the named beneficiary without becoming part of estate and therefore subject to probate fees. When a beneficiary is named there is creditor protection (from plan member s creditors) available for both registered and non-registered assets 20

21 Less is more A 1% lower fee, ignoring any withdrawals, could mean over $100,000 in savings! Years invested Single lump sum amount Management fee 3% 2.5% 2% 1.5% 1% 15 years $100,000 $155,797 $167,535 $180,094 $193,528 $207, years $100,000 $209,378 $236,324 $266,584 $300,543 $338, years $100,000 $281,386 $333,359 $394,609 $466,735 $551,602 $156,993 Assumptions: $100,000 initial investment, no withdrawals, 6.00% gross rate of return (balanced investor) 21

22 Flexible payment options Dates 1 st, 15 th, last day of the month Frequency Monthly, Quarterly, Semi-annually, Annually Payment withdrawal options Prorated Specific Fund Order Percentage of Funds Non-resident payments by EFT (must have Canadian account) Minimums can be based on spouse s age 22

23 What you need to do 1. Review your portfolio 2. Notify Western Human Resources of your plans to retire 3. Discuss your options with a Sun Life Retirement Consultant 4. Make your investment selection 5. Make changes as needed * *Avoid short term trading penalties: A short-term trade is when an investor makes an inter-fund transfer into a segregated fund followed by an inter-fund transfer out of the same segregated fund within 30 calendar days. 23

24 MANAGING YOUR ACCOUNT

25 mysunlife.ca 25

26 Asset allocation tool 26

27 Morningstar 27

28 Tools 28

29 Learn & Plan 29

30 TAKE ACTION

31 Next steps enrol Register for a one-on-one meeting with a Sun Life Financial Retirement Consultant The Retirement Consultant will help you to ensure all necessary forms are completed 31

32 Sun Life Financial is here to support you Retirement Consultants In person, or over the phone At enrolment and throughout the lifetime of your plan Significant others are welcome to attend Sun Life Financial Advisors Support on estate and tax planning, insurance solutions Knowledgeable on Sun Life Retirement & Savings Plan for Western Retirees 32

33 Convenient access to your plan 24/7 mysunlife.ca lets you: Monitor your investments Request transactions Make changes to your plan Access financial planning tools, calculators and helpful articles on a wealth of topics By phone: Reach a Sun Life Retirement Consultant, any business day from 8:00 a.m. to 6:00 p.m. ET. Call (select option 1) By 33

34 Thank you

35 The material contained in this presentation is intended as a general guide to assist members of the Western Pension Plans with understanding the option to transition to the Sun Life Retirement & Savings Plan for Western Retirees. The material contained in this presentation is not intended to provide advice. We have made every effort to provide accurate, complete and current information as of January The terms of the legal documents that establish the Sun Life Retirement & Savings Plan for Western Retirees will govern in the event of a conflict with the material in this presentation. 35

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