Below is a list of our most frequently asked questions.
What investment should I choose when enroling?
You can choose investments that are prefabricated for you based on the number of years you have until retirement. These Lifepoint allocations automatically change their portfolio every five years to a more conservative risk tolerance using fixed income to a point closest to your chosen date of retirement. However, if you would prefer to create your own, you may elect your choices utilizing the Investment Risk questionnaire enclosed in the enrolment booklet.
What happens when I terminate with the Fellowship?
You can notify Sun Life directly or inform Rob Cole at the Fellowship National office and he will inform Sun Life. They in turn will send you an information package that will outline your options of whether to move the funds intact to your own Sun Life Group Choices Locked-In Retirement Account (LIRA) or one that is provided by your investment advisor, or if your new employer provides, their Defined Contribution Pension Plan.
Can I transfer my other retirement funds and consolidate them to the Fellowship Plan?
Yes you can. Whether they are Locked-In or Non Locked-In, they will keep their designation intact in the Plan. You will not receive a tax deduction slip as they are already registered funds. The Pension, however, will not receive additional deposits from you apart from your Pension contributions that would otherwise create a deduction slip. It is your responsibility to investigate from your current investment carrier what transfer fees they charge. Please see your advisor for help or contact your company customer service representative.
How do I start receiving income from my pension funds?
As stated before, Sun Life must be notified of the date you have ended being a member of the Plan. You then transfer your funds to a Life Income Fund (LIF) and depending on what province your funds are registered in, can move up to 50% into a non-locked-in Registered Retirement Income Fund (RRIF). You may also use a Life Annuity to provide your retirement income. Seek which is best for you from your financial advisor.
Where can I go to access information about my Plan and any resources to assist in service of my investment and income needs?
You can monitor your portfolio and access support information and resources on line at www.sunlife.ca/member. If you do not have a personal ID number you will need to register on line to get one. Then you can have access to your account anytime. If you need help registering, you call the toll free number at 1-866-733-8613 and Sun Life will help you.