Sun Life launches workplace savings plans for Canadian SMEs

Sun Life Financial  introduced Sun Life Essentials and Sun Life Essentials Plus, digital-first workplace savings plans designed for small and medium-sized businesses in Canada.

The plans support RRSP and TFSA savings options, include no setup fees or minimum contribution requirements, and are built around Sun Life Global Investments’ Granite target date funds.

The products are designed to simplify workplace savings adoption for SMEs while helping employees improve long-term financial security.

The launch follows research commissioned by Sun Life showing that 76% of working Canadians want employers to play a more active role in supporting financial security, while only 41% currently receive workplace savings support through work.

“Small business owners are the backbone of our economy, and we know how much they’re carrying right now. From rising costs to economic uncertainty and the ongoing challenge of attracting and keeping talent. Sun Life Essentials can take some of the weight off their shoulders. It makes it easier to support employees’ financial wellbeing with a simple, affordable workplace savings plan that cuts out complexity and can be set up in as little as a week.” – Ted Singeris, Vice-President, Client Relationships and Business Development, Group Retirement Services and Head of Western Canada, Sun Life.