Sun Life Financial Inc. and the National Institute on Ageing (NIA) have entered into a research partnership that will seek to identify financial security barriers older Canadians face. According to the June announcement, the work will focus on defined benefit pension plans and on those in the long-term care (LTC) system. The work will also focus on the challenges that prevent some members who have paid into a pension plan from accessing the savings they are owed.

Sun Life says across Canada there are more than $196-million in unclaimed pension assets. Calling the growing number a major concern, Eric Monteiro, senior vice president, group retirement services at Sun Life says “we’re committed to finding solutions to help bridge this gap.” 

“Over the years some plan administrators lose contact information for their members – due to members moving, changing banks, passing away or other causes – which can prevent them from receiving pension payments or key communications about their pension. This leaves millions of dollars in workplace pension funds untouched,” the company writes. “The fact that many Canadians hold multiple jobs and build pension savings in different plans over their careers increases their likelihood of becoming a missing member.” 

In addition to providing a contribution of $300,000 over three years to fund the research, Brent Simmons, senior vice president and head of defined benefits solutions with Sun Life will join the NIA advisory board going forward.