MFS adds new 2070 fund to the MFS LifePlan target date funds series

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the fund listed below. They are established as a segregated fund under the Insurance Companies Act (Canada).

No action required

You don’t have to take any action as a result of the update below. The MFS LifePlan 2070 fund will automatically be added to your line-up if you already offer the MFS LifePlan series in your plan(s).

MFS Investment Management Canada Ltd. (“MFS”) has added a new fund to the MFS LifePlan Target Date fund series (MFS LifePlan funds). On August 6, 2026, Sun Life will add the MFS LifePlan 2070 Target Date Segregated Fund (“LifePlan 2070”) to the core investment platform as part of the MFS LifePlan funds. 

The LifePlan 2070 fund will also be available in Sun Life’s Group Choices Plans.

Investment managers periodically add new funds with longer-dated maturities to their target date series in order to match the time horizons of younger plan members. Plan members expecting to retire around the year 2070 may benefit from this new fund. The LifePlan 2070 fund’s target asset mix will initially match the LifePlan 2065 fund but will diverge over time.

How will this affect you and your plan members?

You or your plan members don’t have to take any action. If you currently offer MFS LifePlan funds to your members, Sun Life will automatically add LifePlan 2070 to your line-up on August 6, 2026.

We’ll send your members investing in the LifePlan 2065 fund a message via email and the Sun Life Message Centre in August 2026. Before the LifePlan 2070 addition, LifePlan 2065 was the fund with the longest available maturity. Younger plan members might have defaulted into, or selected LifePlan 2065. If they expect to retire closer to 2070, they may wish to review whether LifePlan 2070 is more appropriate for them.

If the MFS LifePlan funds are the default investment option in your plan, and members do not make an active selection, Sun Life will automatically direct contributions into the fund that is closest to a member’s 65th birthday, without going over.  Sun Life will update the defaulting process to include the LifePlan 2070 fund.

About the MFS LifePlan funds

The MFS LifePlan Target Date funds use a fund-of-funds approach to create a balanced asset mix. This means the LifePlan Funds invest in other funds, rather than directly in stocks or bonds.

The MFS LifePlan series is available with target maturity dates in 5-year intervals (Retirement, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065 and 2070). Members select the target date fund that most closely aligns with the year when they wish to retire. Each fund becomes more conservative as it moves closer to its maturity date. At maturity, each fund moves into the Retirement fund.

The Retirement Fund has the most conservative asset mix in the series. This fund seeks to provide income and moderate long-term growth of capital. It holds a blend of investments that investors may find appropriate for their retirement years. It invests in approximately 29% of its assets in stocks and around 71% in bonds.