Sun Life Financial has been chosen by Western University to provide a retirement income fund (RIF) to its retirees, both current and future.
The university had been exploring the possibility of moving their in-house managed $250 million RIF to an external provider and received approval from the Western board of governors in November to enter into an agreement with Sun Life.
“When it comes to our employees, we have specific and demanding requirements to ensure that they receive the highest level of service,” says Jane O’Brien, Western’s associate vice-president, human resources.
The RIF program is offered by Sun Life Financial Trust Inc. with investment options and administrative services provided by Sun Life Assurance Company of Canada.
RIFs provide retirement income to an individual by directly transferring money from an RRSP. Each year the RIF holder must withdraw a set portion of the money in the fund and pay tax on it.
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