Sun Life Selected as Custodian and Recordkeeper
for the UBC Faculty Pension Plan
TORONTO, July 16, 2015 /CNW/ - Sun Life Assurance
Company of Canada (Sun Life) has
announced that it has been selected as the custodian and
recordkeeper for the University of British
Columbia Faculty Pension Plan (FPP). The agreement for the
mandate was reached in September 2014
and the transfer was completed on June 25,
2015.
The deal, which is the largest of its kind ever completed in
Canada, brings together two of the
country's largest and best known institutions. Sun Life will
be the custodian and recordkeeper for approximately $2 billion in assets for 5,800 plan
members. The UBC Pension Administration Office will continue
to provide member services and support for their plan members.
Additionally, in assuming the mandate, Sun Life will enter into
a co-administration model with the UBC Pension Administration
Office. UBC's retirement plans are among the most valued
benefits offered by the University. The UBC Faculty Pension
Plan is designed to help faculty and administrative executive staff
save and invest for their future through a selection of diversified
investment options. At retirement, the Plan also offers
members various retirement options, including variable pension
payments and annuities.
The UBC Pension Administration Office had been administering the
Plan since 1967. By entering into a co-administration model
with Sun Life, FPP members will gain access to Sun Life's full
suite of member services, including the ability to transact daily,
and access to the information, tools and services available at
mysunlife.ca and via the Customer Care Centre.
"We want to offer our Plan members the best possible experience,
which was why we chose Sun Life," says Joost Blom, Chair of the FPP Board of
Trustees. "Their knowledge and expertise, coupled with their
service commitment, were the deciding factors."
"Sun Life is delighted to be partnering with one of Canada's largest and most prestigious learning
institutions", says Tom Reid, Senior
Vice President, Group Retirement Services at Sun Life. "We
have been working with UBC on their retirement plan for several
years and moving to this unique co-administration model is a
natural extension of a long standing relationship."
About Sun Life Financial
Sun Life Assurance Company of
Canada is a wholly-owned
subsidiary of Sun Life Inc. and a member of the Sun Life Financial
group of companies.
Celebrating 150 years in 2015, Sun Life Financial is a leading
international financial services organization providing a diverse
range of protection and wealth products and services to individuals
and corporate customers. Sun Life Financial and its partners have
operations in a number of markets worldwide, including Canada, the United
States, the United Kingdom,
Ireland, Hong Kong, the
Philippines, Japan,
Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March
31, 2015 the Sun Life Financial group of companies had total
assets under management of $813
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.
SOURCE Sun Life Financial Inc.