Toronto-based Sun Life Financial Inc. has launched a digital enrolment tool that makes it easier for Canadians to take full advantage of their retirement savings at work, the insurer announced on Thursday.
The MAX my money@work tool automates group retirement savings plan enrolment and offers employees a regular review of their group pension plans and savings options.
“It is estimated that Canadian employees are leaving as much as $3 billion in company matching money on the table annually,” says Tom Reid, senior vice president, group retirement services at Sun Life Financial Canada, in a statement. “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.”
MAX also offers employers the flexibility to select when they want their employees to review their retirement savings at work.
Employees can choose to review on an annual basis or more regularly to help them consider decisions on investments and contributions to other accounts, including RRSPs and TFSAs, to ensure they’re taking full advantage of their workplace plan.