Retirement. Income. your way

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1 Retirement. Income. your way YOUR GUIDE TO SUNFLEX RETIREMENT INCOME Life s brighter under the sun

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3 Table of contents Introduction... 3 The five retirement risks... 4 Money for Life... 5 Product Overview Guaranteed lifetime minimum income...6 Potential for bonus income...7 Retirement on your terms choose your features Type of annuity...9 Income strategies...10 Guaranteed period...11 Bonus income How we calculate bonus income...12 How income strategy rates compare...14 Performance-linked investments...16 FLEXIBILITY PEACE OF MIND CONFIDENCE Flexibility to meet your needs Income advances Transferring to a payout annuity...18 General tax information... 19

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5 SunFlex Retirement Income Imagine the peace of mind you ll have receiving a cheque every month in retirement, with the opportunity to benefit from market growth. Available only from Sun Life Financial, SunFlex Retirement Income * gives you: guaranteed lifetime income, and potential for bonus income based on the performance of funds you select. Making SunFlex Retirement Income a part of your retirement plan provides a smooth transition from your registered savings to regular payments during retirement. You can set up your policy in such a way that if your needs change, you can take a cash advance from your future payments, which isn t possible with most annuities found in the Canadian market. As well, you can convert to a fully guaranteed income stream if you want to take advantage of rising interest rates or lock in growth. It s a flexible retirement solution. Is it for you? SunFlex Retirement Income could be right for your retirement if you are: age 55+ and have registered savings, looking for guaranteed income in retirement, and interested in benefitting from market upswings. While you can t predict the future, you can make a confident choice with SunFlex Retirement Income. Your policy will provide guaranteed income to help cover basic needs for the rest of your life and the opportunity for bonus income, and flexibility, so you can live your retirement, your way. About this guide This guide is meant to provide you with an overview of the product and a description of its features, but should not be used in place of reviewing your SunFlex Retirement Income policy for more detailed information or seeking professional advice from a qualified financial advisor. * This product cannot be surrendered except that income advances are allowed under certain conditions. As well, transfers can be made to a Sun Life Payout Annuity. SunFlex Retirement Income Client Guide 3

6 The five retirement risks As you move into the retirement phase of your life, you face different risks. These risks can affect your retirement goals. SunFlex Retirement Income can help you manage these new risks so you can move into your retirement years knowing that you have guaranteed lifetime income to enjoy your retirement. LONGEVITY. Canadians are living longer than ever, so the risk of outliving their savings is of greater concern. Today, there is a one-in-three chance that a 65-year-old man will live to be 85; for women, the odds are about one in two. For a couple, there s a two-in-five chance that one of them will live to be 90. INFLATION. Your money may buy less in the future than it does now. People are spending a larger proportion of their lifetime in retirement, so inflation can become a material concern. Even at the current low inflation rates, if your retirement lasts 25 years, it s important that a portion of your savings can take part in market growth and help you protect your purchasing power. MARKET VOLATILITY. If the market takes a major downturn, it can greatly reduce your retirement savings. This can have long-term effects on your plans. Once you re ready to start withdrawing income, your portfolio has to be especially resilient to market ups and downs. In retirement, you re likely no longer participating in a long-term investing plan; you re concerned about being able to meet your expenses now and in the future. HEALTH NEEDS. As people age, health needs emerge and can be expensive. For some, it means dealing with minor health problems; for others, it means a serious health condition or accident; and for some it will mean chronic health problems where they need help with day-to-day activities. MORTALITY. No one knows when they will die, so it is important to understand what will happen with your estate after you pass. It s also important to understand how the death of one spouse will affect the lifestyle and financial goals of the surviving spouse during retirement. 4

7 Money for Life When you talk to your advisor about Money for Life, you can discuss how a mix of different health, life and wealth products can meet your needs: How needs change in retirement Lifestyle Health Legacy Basic living Newly retired In retirement Later years Basic living needs. Think about the daily expenses you need to cover: food, housing, utilities and clothing. Government benefits and pensions may not be enough, which is why other income options like a guaranteed monthly retirement paycheque are worth exploring..lifestyle needs. What do you want to do for fun? How will you fill your days? Early in retirement, you may want to travel, start a new hobby or go back to school. You may also need to cover unexpected costs such as a new car or home repairs. Health needs. As you age, you ll likely need some personal assistance and eventually, permanent care. With the right plan in place, you can prepare for your health-care needs and the costs that come with them..legacy. It may be important for you to leave a legacy to your family or a worthy cause. An estate plan can help you keep more of your assets, protect your estate and ensure a lasting legacy. SunFlex Retirement Income provides guaranteed income to help cover basic needs and the opportunity for bonus income to suit your retirement lifestyle. It can be a part of your plan to retire with confidence. SunFlex Retirement Income Client Guide 5

8 Product Overview SunFlex Retirement Income provides: guaranteed lifetime minimum income and bonus income based on the performance of funds you choose. Total Income Bonus. income Lifetime. minimum income Payments are made up of lifetime minimum income and bonus income. Guaranteed lifetime minimum income We calculate your lifetime minimum income at the time of purchase. It s a percentage of the total amount you paid and is based on your age and the type of annuity you chose. If you choose a joint life annuity, we will base the payments on the age of whoever is the youngest of you and your spouse. Age at time of purchase Annual income as a percentage of total premium Single life annuity Joint life annuity % 3.00% % 3.50% % 4.00% % 4.25% % 4.50% % 5.00% Example: Mrs. Jones takes $100,000 and buys a single life SunFlex Retirement Income policy when she is 65. Her lifetime minimum income is $4,500 per year ($100,000 x 4.5%) or $375 per month for the rest of her life. Plus, she has the opportunity to earn bonus income. $6,000 Single life annuity, 65 year old male, $100,000 purchase Single life annuity, 65 year old female, $100,000 purchase $5,000 Annual Income $4,000 $3,000 $2,000 Lifetime minimum income $1,000 $ For illustrative purposes only. Year When you purchase a SunFlex Retirement Income policy, you choose: when you would like to start receiving income. Payments can start within a month or you can delay them up to 12 months from the date of purchase. the frequency of your payments. You can receive monthly, quarterly, semi-annual or annual income.

9 Talk to your advisor about Money for Life The lifetime minimum income remains constant during the lifetime of your policy. It s a great way to help cover your basic needs in retirement. Potential for bonus income SunFlex Retirement Income provides the potential to earn bonus income; you get exposure to the market without all the risks of a direct investment. Bonus income is the additional income that you receive above the lifetime minimum amount. It s based on the performance of the funds you choose, and the amount is reset every year. Your total first year income is the sum of your lifetime minimum income and your initial bonus income. This total income amount is also the amount of your initial performance income. Bonus. income Lifetime. minimum income Performance income Income Bonus Income Guaranteed minimum income For illustrative purposes only. Year The first time we calculate your bonus income, it s based on: your age when you made the deposit, your gender, your purchase amount, and the options you selected. SunFlex Retirement Income Client Guide 7

10 After the first year, we use your performance income to recalculate your bonus income based on the returns of the investments you choose. To do this we track the returns and use them to adjust your performance income for the next period. We then deduct your lifetime minimum income from the new performance income. The result is your bonus income. For more details on how the new performance income is calculated, please see page 12. Bonus. income Lifetime. minimum income = = First year performance income New performance income Bonus. income Lifetime. minimum income We repeat this process every time we reset your income. We track the returns of your investments during the past period and use the returns to adjust your performance income. Then to calculate your bonus income for the coming year, we deduct the amount of your lifetime minimum income from the new performance income. If your performance income is less than your lifetime minimum income, you will receive only your lifetime minimum income and your bonus income will be zero for that income period. With SunFlex Retirement Income, you can customize its three main features. The three main features you must select are: the annuity type, the income strategy, and the guaranteed period. These choices will affect your income and you cannot change them later. Your advisor will help you select the combination that provides you with the benefits that best suit your plan. Talk to your advisor about Money for Life What sort of lifestyle do you want in retirement? Bonus income may enhance your budget for day-to-day expenses or help fund your retirement lifestyle. 8

11 Retirement on your terms choose your features Type of annuity The type of annuity you choose affects how long we will pay income: for one lifetime or two lifetimes. SunFlex Retirement Income offers two annuity types: Single life annuity.. A single life annuity provides you, the owner of the policy, with income for as long as you live. Joint life annuity A joint life annuity provides income for you, the owner of the plan and after you die income for your spouse, if they are still alive. This option ensures that income continues until both you and your spouse die. To illustrate the difference, here s an example: Greta, 65, uses $100,000 of her registered savings to buy a SunFlex Retirement Income policy. If she selects a single life policy: the annual lifetime minimum income will be 4.5% or $4,500 a year with potential bonus income; If Greta dies outside of the guaranteed period, the income stops; If Greta dies during the guaranteed period, we will pay a death benefit or in some cases, her beneficiary may be able to elect to continue receiving an updated payment amount from us for the remainder of the guaranteed period. If she selects a joint life policy with her husband Don, also 65: the annual lifetime minimum income will be 4.0% or $4,000 a year with potential bonus income; if Greta or Don dies, the surviving spouse continues to receive income; when the surviving spouse dies, the income stops; we will pay a death benefit if both Greta and Don die during the guaranteed period. SunFlex Retirement Income Client Guide 9

12 Income strategies The income strategy you choose determines the pattern of income you ll receive during the lifetime of your policy. SunFlex Retirement Income offers two income strategies: Future Income Max Lower starting income Increases to bonus income more likely Decreases to bonus income less likely Starting Income Max Higher starting income Increases to bonus income less likely Decreases to bonus income more likely Your choice of income strategy affects the amount of starting bonus income you receive. Example: Julian, a 65 year old male, uses $100,000 to purchase a SunFlex Retirement Income policy with a 15 year guaranteed period. His initial annual income would be: Income strategy Lifetime minimum income Bonus income Initial income Future Income Max $4, $ $5, Starting Income Max $4, $1, $6, For illustration purposes only. Your choice of income strategy will also affect how your bonus income responds to the performance of your investments. Each income strategy has its own income strategy rate. The income strategy rates are: 3.5 % for Future Income Max 5.0 % for Starting Income Max Every year, when we reset your income, we compare the returns of your investments to the rate linked to the income strategy rate you chose. If fund returns are higher than the income strategy rate, your performance income goes up. If fund returns are lower than the income strategy rate, your performance income goes down. If the fund returns are equal to the income strategy rate, your performance income remains the same. 10

13 Income strategy: Future Income Max Returns of selected investments* Future Income Max. Income strategy rate Percentage change in performance income 10.0% 3.5% 6.5% 3.5 % 3.5% 0.0% -2.0% 3.5% -5.5% Income strategy: Starting Income Max Returns of selected investments* Starting Income Max. Income strategy rate Percentage change in performance income 10.0% 5.0% 5.0% 5.0 % 5.0% 0.0% -2.0% 5.0% -7.0% *Returns are net of expenses and management fees charged by the fund manufacturer. Currently, Sun Life does not charge management fees on top of the fund manufacturer s management fee. If Sun Life charges a management fee in the future, the returns of the investments will be reduced by the amount of that management fee. Guaranteed period The guaranteed period ** is the period of time after you start receiving payments when, if you die (or you and your spouse die), we pay a death benefit. It s also the time period when you may take an income advance (if available *** ). You can choose from: 15-year guaranteed period 10-year guaranteed period 5-year guaranteed period No guaranteed period Guaranteed period Death benefit and income advances available Income Longer Longer period Lower Shorter Shorter period Higher **The guaranteed period is subject to any legislated maximums. ***There must be at least 3 months remaining in your guaranteed period in order to request an income advance. Talk to your advisor about Money for Life How much money, if any, do you want to leave to your beneficiaries? What other assets do you have available for unexpected expenses? How does the rest of your retirement plan meet your legacy needs? SunFlex Retirement Income Client Guide 11

14 Bonus income SunFlex Retirement Income offers the potential for you to receive bonus income, linked to the performance of the funds you choose. When markets do well, you ll maximize your income. No matter how the markets perform, you ll always have peace of mind that you ll have your guaranteed minimum lifetime income. We calculate the first income reset 11 months after you start receiving payments. After that, we do reset calculations one month before the start of the next annual payment period. To calculate your bonus income we: 1. Calculate the return of the selected funds (called performance-linked investments ) for the previous year. 2. Compare the return of the performance-linked investments to the income strategy rate. 3. Use the difference between the previous year s return and the income strategy rate to calculate the new performance income. If the return of the performance-linked investments is 6.0%, and the income strategy rate is 3.5%, then we would increase the performance income by 2.5%. If the return of the performance-linked investments is 1.0% and the income strategy rate is 3.5%, then we would decrease the performance income by 2.5% After we have reset the performance income, we calculate your new bonus income. Your bonus income is the difference between the new performance income and the lifetime minimum income. For example, if the performance income increased from $1,000 to $1,025 and the lifetime minimum income was $850, the new bonus income would be $175. It s possible for your performance income to drop below your lifetime minimum income, but that doesn t mean it will stay there, and you ll still receive the lifetime minimum income. If returns are strong enough, then future resets can bring your performance income above your lifetime minimum income and you will receive bonus payments again. 12

15 Here s an example of the complete income reset calculation: Lifetime minimum income: Current bonus income: Current total income/performance income: $850/month $150/month $1,000/month Performance period rate of return 6.0% Income strategy rate - 3.5% Percentage change in performance income 2.5% Current performance income $1,000 Percentage change in performance income 2.5% Change in performance income x $25 New performance income $1,025 New performance income 1,025 Lifetime minimum income - $850 New Bonus income $175 Income for next year Lifetime minimum income $850 Bonus income + $175 Total income $1,025 SunFlex Retirement Income Client Guide 13

16 How income strategy rates compare In the example below, we see the following: Future Income Max at 3.5% has less bonus income at the beginning, but there is greater potential for bonus income later. Starting Income Max at 5.0% has higher bonus income at the beginning, but there is less potential for bonus income later. Talk to your advisor about Money for Life More now or more later? You may want higher income later in retirement to help with expenses that increase over time. Or, you may prefer more upfront to put towards enjoying your lifestyle earlier in retirement. Annual Income $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Single life annuity, 65 year old male, $100,000 purchase For illustration purposes only. Year Starting Income Max 5.0% Future Income Max 3.5% Guaranteed minimum income Do strong returns guarantee bonus income? It s possible for performance-linked investments to perform well but for bonus income to still be zero. This has to do with the relationship between the performance income and the lifetime minimum income. Why? Because the returns of the performance-linked investments change the performance income. You receive bonus income only if the performance income is greater than the lifetime minimum income. If the performance income is below the lifetime minimum income, then you ll receive only the lifetime minimum income. 14

17 It s possible for performance income to increase but still be less than the lifetime minimum income. Example: In the chart below, the performance rate of return used to reset income for year six was strong at ten per cent. But because the performance income was low, this strong performance didn t bring the reset performance income above the lifetime minimum income amount. For the next income period, the client received no bonus income, only the lifetime minimum income. 14% Income 7% 6% 2% 5% 10% 8% 12% 8% 5% 10% 5% 8% 4% Bonus Income Guaranteed minimum income Return -8% For illustration purposes only. Year Future Income Max may be right for you if you: want money to help protect you against inflation in the future; have concerns about needing extra income to cover specific health care costs in the future; have other sources of income at the start of your plan, such as a part-time job. Starting Income Max may be right for you if you: want higher income at the beginning of your retirement, to cover such things as extra costs for travel and hobbies; have insurance or a benefit package to cover higher health care costs you may have in the future; have other investments that will help protect against inflation. SunFlex Retirement Income Client Guide 15

18 A range of options for your performance-linked investments SunFlex Retirement Income offers you a range of performance-linked investments so you can choose the funds that best meet your income goals and risk tolerance. You can choose: to link your income to one or more investment options; the percentage of your income you wish to allocate to each fund; to change your fund selection(s) as often as once a month. Your advisor will help you choose the fund or funds which best match your needs and goals. Performance-linked investment returns and management fees We reset your income based on the returns of the investment funds you choose. While your returns are linked to the returns of your chosen fund or funds, you don t own any units in the investment fund. We track the unit values of the funds you choose, which include any distributions from the fund. To calculate your returns, we use the change in their values. We use Series A or a similar retail class of unit values to calculate your fund performance. Series A units are reported net of management fees, operating expenses, and any distributions from the fund. If no Series A or similar retail class of unit is available to use, we will use the institutional class and reduce the rate of return of the investment by an amount which, based on industry standards, we would expect to be charged if the Series A or retail class of units were available. Sun Life does not currently deduct any additional fees from the unit values before calculating your returns. Before changing or increasing a management fee, we will provide written notice to you 60 days in advance and it will not exceed a maximum of 0.75% per year. 16

19 Flexibility to meet your needs SunFlex Retirement Income offers more flexibility than other annuity-based products in the Canadian market. You could receive an income advance, if you ve chosen a guaranteed period. And you can switch to a fully guaranteed income stream, if your needs change. Income advances Lump-sum income advances are available from your future guaranteed payments only if: you didn t use locked-in pension monies to purchase the SunFlex Retirement Income policy; income payments have started; there are at least three months left in your guaranteed period. You can take one income advance per income year. The full amount of the advance will be fully taxable in the year you receive the income and will be subject to applicable provincial and federal withholding tax. If you wish to take an income advance, we will calculate the amount available to you (it is not simply the total of the payments remaining in your current income year or guaranteed period). You choose how much of that available amount you wish to take as an advance. After you take your income advance, the following will decrease: your current performance income, your current bonus income, your lifetime minimum income, and any remaining guaranteed period, which also reduces any death benefit and the amount of any future income advance available to you. SunFlex Retirement Income Client Guide 17

20 Transferring to a payout annuity SunFlex Retirement Income responds to your changing needs and concerns. SunFlex Retirement Income gives you the opportunity to transfer all or a portion of your future income to a payout annuity from Sun Life Financial. You can do this up to three times during the life of your policy. You may consider this option: if you have experienced some income gains within your SunFlex Retirement Income policy and wish to capture these gains; if interest rates have increased, making annuity incomes more attractive; if your risk tolerance changes and you prefer to move away from bonus income linked to market performance. The amount of annuity payout income your SunFlex Retirement Income policy will purchase will depend on: the income currently being paid by your SunFlex Retirement Income policy and the payout annuity rates in effect at the time of the transfer. IMPORTANT The amount of the transfer will not match dollar for dollar. The income from the new payout annuity could be higher or lower than the income being transferred. Work with your advisor to find out if the transfer is right for you. If you transfer a portion of the income from your SunFlex Retirement Income policy to a Sun Life payout annuity, the following will reduce: your current performance income, any bonus income, your lifetime minimum income, and the amount of any available death benefit or income advance from your SunFlex Retirement Income policy. If you transfer all of the future income from SunFlex Retirement Income * to a payout annuity from Sun Life Financial, your SunFlex Retirement Income policy will end. * This product cannot be surrendered except that income advances are allowed under certain conditions. As well, transfers can be made to a Sun Life Payout Annuity. 18

21 General tax information You can purchase a SunFlex Retirement Income policy only with registered money. Income is fully taxable. The annual tax slip you ll receive depends on the source funds: Source RPP, DPSP or LIF RRSP (locked or non-locked), RRIF, LRIF or LIRA Tax slip T4A T4RSP The total income that appears in illustrations and the policy pages is the gross income before taxes. The amount of income you actually receive may be lower if we are required to withhold mandatory taxes or if you ask to have additional amounts withheld. SunFlex Retirement Income Client Guide 19

22 20 Notes

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24 FLEXIBILITY CONFIDENCE PEACE OF MIND Questions? We re here to help. SunFlex Retirement Income provides guaranteed income to help cover basic needs and the opportunity for bonus income to suit your retirement lifestyle. Your advisor can tell you more about Money for Life and help you build and maintain your plan to enjoy retirement. Learn more at For more information and resources, visit Call SUN-LIFE/ SunFlex Retirement Income is issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies. Sun Life Assurance Company of Canada, Life s brighter under the sun

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