July 16, 2015
Sun Life signs $2 billion deal with Board of Trustees of the University of British Columbia Faculty Pension Plan
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.Caroline Creighton, Sun Life Financial, 416 204 8100, Caroline.Creighton@sunlife.com