Sun Life Insurer Reports Woes For Canadian Retirees
Posted on 07/10/2023
Sun Life is an international financial services organization providing asset management, wealth, and insurance products to individual and institutional clients. Sun Life operates in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. As of March 31, 2023, Sun Life had total assets under management of CA$ 1.36 trillion.
Sun Life has come out with a report that says “life for Canadians is increasingly costly” and as a result “retirement is taking a backseat for many.” According to Sun Life, “Inflation is hurting members who are mid-career and their ability to save for the future. The largest decreases in average contributions were among those in their thirties and forties which dropped 7%. This was followed by members in their fifties at 5%.”
Eric Monteiro, Senior Vice-President, Group Retirement Services, Sun Life, mentioned in the report: “Contributing to one’s retirement savings is tough in today’s environment, but every year can make a big difference in the long run.”
Sun Life also reported on a data breach for U.S. customers due to cyberattack. A vendor, Pension Benefit Information, that stores data for Sun Life, was impacted. Information that may have been seen includes: Name, Social Security Number, policy or account numbers, and even date of birth information. Account values and medical billing information was not seen by outside parties. Sun Life recommends all affected members take action to limit the potential damage to personal financial assets.