Sun Life in collaboration with Normandin Beaudry secures one of the largest pension plans in Quebec
MONTREAL, Oct. 22, 2020 /CNW/ - With a new school year in full swing, Sun Life and McGill University are getting top marks, joining forces to help secure the retirement of thousands of members. Sun Life, in collaboration with Normandin Beaudry, was chosen to provide administration services for the McGill University Pension Plan (MUPP) – one of the five biggest pension plans in Quebec.
Covering approximately 10,000 members, the MUPP represents the largest pension plan for which Sun Life provides administrative services in Quebec. This is the second McGill University pension plan administered by Sun Life. The Service Employees Union joined Sun Life in 1996. Sun Life is a leading pension plan provider for academic institutions across Canada. From coast-to-coast, Sun Life covers tens of thousands of members, spanning over 100 academic institutions.
"We are thrilled to be strengthening our relationship with McGill University, using our expertise to help improve retirement outcomes for their employees. Now, more than ever, we understand the need to be prepared for the future and being able to manage the unexpected," said Tom Reid, Senior Vice-President, Group Retirement Services, Sun Life Canada. "Our innovative approach and solutions set us apart and help us shape the Quebec market, creating great outcomes for our Clients."
On September 1, 2020, Sun Life assumed responsibility for the administration of the MUPP, as well as McGill's voluntary savings programs and variable benefit retirement option. With the unique plan design of the MUPP, Sun Life and Normandin Beaudry provide a holistic solution.
Better outcomes through digital innovation
Sun Life is committed to investing in technology, helping to advance and modernize the Group Retirement Services business and lead to better retirement outcomes for Clients. Saving is more convenient with the Sun Life mobile app, where members can easily view balances, make contributions and manage investments from their fingertips. Members will benefit from investment tools and resources to help them feel more confident in their savings decisions. McGill employees can consult Ella, Sun Life's digital coach. This AI driven technology helps Clients with personalized tips, resources and reminders to make the most out of their investments.
About Sun Life in Quebec
Sun Life was founded in Quebec more than 150 years ago and is committed to building a sustainable future for our communities. Across the province, Sun Life's 2,800 employees and advisors work hard every day to deliver on our Purpose of empowering 1.5 million Clients in Quebec achieve lifetime financial security and live healthier lives. The company fosters a high-performance culture that is collaborative, innovative and diverse.
Sun Life invests in Quebec infrastructure projects, long-term bonds and real estate, guided by its aim of creating long-term value for its Clients. It invests in projects that promote diversity and a low-carbon economy, and offers sustainable investment products to its institutional and individual Clients. Among its assets are the iconic Sun Life Building and the offices at 1250 René-Lévesque in Montreal, both award winners for energy efficiency.
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has 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 June 30, 2020, Sun Life had total assets under management of $1,122 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
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SOURCE Sun Life Financial Inc.