Sun Life to launch retirement product in 2018

Sun Life plans to launch what it calls “a next-generation target date solution” for group savings plan members in Canada. Available in 2018, the retirement product will be a first for the Canadian market, the firm says in a release.

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Members will choose a retirement income target, and the product will suggest ways for them to close any income gaps. These suggestions will not only reflect the traditional factors of age and risk tolerance, but also salary levels, savings rates, accumulated savings and other pensions.

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The product will be created in partnership with Dimensional Fund Advisors, a global investment manager. Sun Life says the next-generation target date solution has been well received in other markets around the world, including the U.S., South Africa and Australia.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.