Sun Life Financial has launched a digital enrolment tool that aims to simplify the way Canadians save for retirement at work.
The tool, MAX my money@work, allows employees to access a regular review of their group pension plans and savings options.
Read: Canadians miss out on billions of free retirement money
“It is estimated that Canadian employees are leaving as much as $3 billion in company matching money on the table annually,” said Tom Reid, senior vice-president, group retirement services at Sun Life Financial Canada.
“MAX will help to maximize their participation in their workplace pension plans by offering suggestions, including how to get the employer match to increase their retirement savings.”
The aim is for this regular review of retirement savings plans at work to result in:
- Increased participation and saving rates.
- More active investment decisions.
- Up-to-date beneficiary designations.
The tool also offers employers the flexibility to select when they want their employees to review their retirement savings, with the option to review on an annual basis or more regularly.
Read: Pension trends: Is phased retirement an option for your employees?