Sun Life Essentials™ is a fully digital workplace plan designed specifically for small to medium businesses. This solution doesn’t require any asset transfers or minimums for employee membership or contributions.
Become an employer of choice
Stand out from other employers by providing meaningful benefits to your team
Attract top talent
Offer a workplace savings plan that builds financial wellness
Boost team morale and well-being
Simple savings benefits that help employees reach their financial goals
Learn more about our solutions
Sun Life Essentials Plus™
Sun Life Essentials Plus™ Sun Life Essentials Plus™ provides the same benefits as Sun Life Essentials™, with some key enhancements offering more choice and flexibility as well as broader investments options for employees.
SunAdvantage™
SunAdvantage™ my savings is designed for businesses owners and entrepreneurs. It’s an excellent addition to the total compensation offering that provides your employees with a convenient savings plan.
Sun Life Essentials™ |
Sun Life Essentials Plus™ |
SunAdvantage™ my savings |
|
|---|---|---|---|
Best For |
Cost-conscious employers seeking simplicity |
Employers offering investment flexibility |
Employers wanting choice + dedicated support |
Membership Minimum |
None |
None |
5 members |
Annual Contribution Minimum |
None |
None |
$15,000 |
Investment Options |
1 passive Target Date fund series + GIA and GDIAs |
12 funds + GIA and GDIAs (Target Date active/passive) |
12 funds + GIA and GDIAs (Target Date active) |
Target Date Fund Management Fee |
0.90% |
Starting at 1.20% |
1.90% |
Workplace Products |
RRSP, TFSA |
RRSP, TFSA RRSP, TFSA, DPSP |
RRSP, TFSA RRSP, TFSA, DPSP |
Additional Products (Sun Life Choices Flex) |
Non-registered, FHSA |
Non-registered, FHSA |
Non-registered, FHSA |
Glossary of terms
- GIA: Guarantee Interest Accounts
- GDIA: Guaranteed Daily Interest Account
- RRSP: Registered retirement savings plan
- TFSA: Tax free savings account
- DPSP: Deferred profit sharing plan
- FHSA: First home savings account