You’ve likely heard the news – in July, our Retirement & Savings plans are moving to Canada Life!
Along with the move, our fund lineup is changing from Canada Life Target Risk funds to Fidelity ClearPath® Target Date funds.
The Pension and Insurance Committee is always looking out for your best interests and is striving to enhance your overall experience with your Retirement & Savings plans. These changes will bring you even lower fees, great service, and strong investment options that will support you and your family as your life needs change.
Target Date funds make investing easier for you
Unlike Target Risk funds where you have to decide when to change your investments to reduce risk as you get closer to retirement, Target Date funds are designed with your retirement year in mind and gradually shift your investments to become more conservative over time.
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In your early saving years, the fund is invested in more equities to help maximize growth. Then, as you get closer to retirement, the fund gradually becomes more conservative with more fixed-income investments.
TARGET DATE FUNDS ARE:
- Easy to choose. Just pick a fund closest to your retirement year – that’s it!
- Offer a hands-off approach. Professionals manage and regularly adjust the mix of investments.
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What do you need to do?
We’ve got you covered. No action is required by you! In July, your DC pension account funds will be transferred from Sun Life to Canada Life, and then invested in the Fidelity ClearPath® Target Date fund closest to your 65th birthday.
HOW TO LEARN MORE
- Learn more about Target Date funds now. You can watch this video and review the Fidelity ClearPath® Target Date funds brochure for more details.
- Visit the new Canada Life Welcome site, starting in May. In early May, you’ll receive an email with a link. You’ll be able to get more details on the fund lineup change, answers to frequently asked questions, and tools and resources available to you through Canada Life.
- Attend an information session in June. You’ll have an opportunity to ask questions and learn more about the move. We’ll send details closer to the date of the sessions, with a link to register.
Have questions or need help?
We’re here to help guide you through this transition. Don’t hesitate to reach out to us with any questions you might have.
Call Rob Jackett at 905-821-5413 or Loyda Sinanan at 905-821-5407 or email us at info@cbbenefits.ca.
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