Frequently Asked Questions - About a Defined Contribution Pension Plan (DCPP) and Registered Retirement Savings Plan (RRSP) - Sun Life Financial
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Frequently Asked Questions
About a Defined Contribution Pension Plan (DCPP)
and Registered Retirement Savings Plan (RRSP)
Why should you enrol in the plan?
What are your responsibilities as a plan member?
Where can you find out how to enrol in the plan?
Can you contribute to a spousal RRSP?
How do you change the amount of your payroll deductions?
Can you make a lump sum contribution to your workplace RRSP?
How much can you contribute annually to your DCPP and workplace RRSP?
Where can you find your RRSP contribution limit?
How will you know when you’re approaching your contribution limit within the Shaw RRSP?
How do you update your personal information with Sun Life?
How do you update your beneficiary information?
How secure is your personal information?
How can you get more detail about the fund managers and funds offered through the plan?
How can you change your investment funds?
Is there a penalty for making changes to your investments?
What happens if your investments lose money? Will Shaw protect you from that loss?
What are segregated funds?
What amounts do you own if you decide to leave Shaw?
When do you receive statements for your Shaw Retirement and Savings Plans?
Where can you access your online statements?
How do you get a tax receipt for your workplace RRSP contributions?
How do you transfer in money from other retirement savings plans?
Need help?
Group Retirement Services are provided by Sun Life Assurance Company of Canada, a member
of the Sun Life Financial group of companies. © Sun Life Assurance Company of Canada, 2018.Q. Why should you enrol in the plan?
A. Enrolling in these plans offers you many advantages as you’re saving toward your retirement:
• Convenience – Regular contributions through payroll deductions help you save efficiently.
• Immediate tax savings – Your contributions to the Shaw DCPP (once eligible) and/or RRSP are deducted from
your salary before taxes are calculated, so you only pay tax on the remaining amount and benefit from immediate
tax savings.
• Leading investment managers – workplace plans have access to leading fund managers and investment options that
aren’t generally available to individual investors.
• Reduced fees — The fees you pay for investment management are typically lower than those available to you
as an individual.
Q. What are your responsibilities as a plan member?
A. When you enrol in the Shaw Retirement and Savings Plans, you are responsible for:
• Understanding how the plans work
• Taking advantage of the information and tools available to you
• Making your investment decisions and reviewing your choices
• Deciding whether or not to get investment advice from a professional
• Keeping Shaw up to date on your personal information changes
• Keeping your beneficiary information up to date through Sun Life
• Ensuring your beneficiary is aware of the plan and knows where your estate-related documents are kept
Q. Where can you find out how to enrol in the plan?
A. S haw automatically enrols you in the DCPP when you are eligible to join. However, to choose your investments
for the DCPP, and/or to enrol in the workplace Registered Retirement Savings Plan (RRSP), please see How to enrol
on mysunlife.ca/shaw.
Q. Can you contribute to a spousal RRSP?
A. Yes, you may set up a spousal RRSP. You contribute to the account via payroll deductions on behalf of your spouse; the
contributions will be attached to your RRSP limit and you will receive the tax benefit.
o take advantage of a spousal RRSP, your spouse will need to complete the Spousal RRSP form (see instructions
T
below on where to find this) and send it to the address listed on the form. If a Spousal RRSP enrolment form is not
received within 90 days of enrolling online, contributions will be directed to your personal RRSP and future payroll
deductions will be set to 0%.
Here’s how:
• click through the single sign-on link at Shawbenefits.ca or sign in directly to mysunlife.ca/shaw;
• select my financial centre > Requests > Enrol > Let’s get started!;
• follow the enrolment flow.Q. How do you change the amount of your payroll deductions?
A.
There are two ways of changing your payroll deduction amounts for either your DCPP or workplace RRSP accounts at
Sun Life:
1. Online. There are two ways to access your account online:
(a) You can access your Sun Life account directly from the Shaw Benefits site, ShawBenefits.ca. You will simply
need your Employee ID and Shaw Benefits password. Once logged in via ShawBenefits.ca, select Quick Links >
Manage my RRSP / TFSA / Shaw DC Pension (Sun Life).
OR
(b) Sign in directly by going to mysunlife.ca/shaw; you will need your personal
access ID and password. Once logged in, select my financial centre > Requests
> Payroll Contributions.
Important: If you already have an access ID and password for your Benefits
coverage with Sun Life, log in using these. If you do not already have an access
ID and password, go to mysunlife.ca and select Register. You will need your
account number and your date of birth. If you don’t have your sign in/access
ID and/or password, go to mysunlife.ca and select the appropriate links under
Sign-in help.
2. Call Sun Life at 1-866-896-6976 any business day, from 6 a.m. to 6 p.m. MT / 8 a.m. to 8 p.m. ET to help you change
or update your payroll contributions.
Q. Can you make a lump sum contribution to your workplace RRSP?
A. Yes. You can make a lump sum contribution to your workplace RRSP directly from your bank account.
Once you are online select my financial centre > Requests > Lump-sum contributions.
Choose either the Online Automatic Deposit or the Contribution Form; follow the instructions provided.
Alternatively, you can also make lump sum contributions right from the palm of your hand with the
my Sun Life mobile app available for download on the Apple Store and Google Play.
Q. How much can you contribute annually to your DCPP and workplace RRSP?
A.
The Canada Revenue Agency (CRA) confirms legislated maximums for different types of retirement savings
plans each year.
DCPP: The current annual contribution limit for DCPPs in 2019 is the lesser of 18% of your current year’s earned income,
or $27,230. This amount will increase in 2020.
RRSP: The current annual contribution limit for RRSPs in 2019 is the lesser of 18% of your previous year’s earned income,
or $26,500. This amount will increase in 2020.
Each year after you file your tax return, CRA will send you your Notice of Assessment. Your Notice of Assessment will
provide you with your most up-to-date RRSP limit.Q. Where can you find your RRSP contribution limit?
A. Your contribution limit is calculated by the CRA and reported to you annually on your Notice of Assessment you
receive after filing your income tax return. You can also see your contribution limit by signing into My Account on
Canada.ca; by downloading the CRA mobile app, MyCRA; or by calling the Tax Information Phone Service (TIPS) at
1-800-267-6999.
Q. How will you know when you’re approaching your contribution limit within the Shaw RRSP?
A.
It is your responsibility to know your RRSP limits and to not over contribute. It is a good practice to monitor your
contributions regularly to ensure you stay within your limit.
Q. How do you update your personal information with Sun Life?
A.
All information updates – except beneficiary designations and/or investment instructions – are to be completed
online via Shaw Central, and these will be forwarded to Sun Life.
Q. How do you update your beneficiary information?
A.
You can now update your beneficiary designation online, quickly and easily. To do so:
• click through the single sign-on link at Shawbenefits.ca or sign in directly to mysunlife.ca/shaw with your access
ID and password;
• select my financial centre > Quick Links > Beneficiary info and follow the on-screen instructions.
Q. How secure is your personal information?
A. Sun Life is committed to protecting the confidentiality of members’ personal information and has established
comprehensive safeguards to protect this data. Information provided through the website is used solely to establish
and maintain your account. A variety of effective measures secure your information and strictly controls access to that
information, making it available only to staff members who use it to assist you.
Click here to view Sun Life’s privacy policy. You can also contact the Sun Life’s Customer Care Centre at 1-866-896-6976
any business day from 6 a.m. to 6 p.m. MT / 8 a.m. to 8 p.m. ET for more information.
Q. How can you get more detail about the fund managers and funds offered through the plan?
A.
You can learn more about the investment options offered in the Shaw Retirement and Savings Plans, fund managers
and investment performance through Morningstar®, a leading provider of investment news and analysis. Once you
sign in to mysunlife.ca/shaw, select my financial centre > Accounts > Investment Performance. Next select:
• Rates of Return and Unit Values to see the performance of funds available in your plan; or
• Fund Report to access tools and information about your funds.Q. How can you change your investment funds?
A. You can make changes to your investment instructions, or move your existing assets between funds, at any time
by following these instructions.
1. Once you are logged into your account select my financial centre > Requests > Change investments.
2. Select Move my money to different funds or Change how my future contributions will be invested or both;
select Continue.
3. Follow the instructions provided. You can use the Asset allocation tool to determine your personal tolerance
for risk and view a suggested asset mix. You can also learn more about the investments through Morningstar®
(see previous page).
If you would like personal, one-on-one unbiased advice on the investment choices available to you in the Shaw Plan,
use my investment advice, a service available to Shaw members. Call Sun Life’s Customer Care Centre at 1-866-896-6976
any business day between 6 a.m. to 6 p.m. MT / 8 a.m. to 8 p.m. ET and you will be directed to a licensed representative
who can help you understand the options available in your plan, which ones are best for you and how you can use them
to build a diversified portfolio – all keys to helping you create your story.
If you would like to maintain your target asset allocation, you can choose to have your portfolio rebalanced on a
quarterly basis on the member website (mysunlife.ca/shaw) or through the call centre. A couple of things to note if you
choose this option:
• re-balancing occurs on the night of the third last business day of the month
• automatic asset mix re-balancing is applied to all funds, including target date funds. If you have selected a target
date fund, automatic rebalancing may not be appropriate for you
Q. Is there a penalty for making changes to your investments?
A. No. You can make changes to your investments whenever you like. However, a two per cent “short-term trading” fee
may be charged if you make a transfer into a fund followed by a transfer out of the same fund within 30 calendar days.
Q. What happens if your investments lose money? Will Shaw protect you from that loss?
A. Shaw will not protect you from any losses that result from market fluctuations.
When you choose investment funds, you assume the risk associated with investing in them. While there is generally
more risk associated with equity funds than with fixed income funds, there is also more opportunity for growth.
Remember that you will not realize any increase or decrease in your account until you move money out of your funds,
so short-term market movements may be less important to you than long-term performance.
It’s important that you understand your investor profile and tolerance for risk, so please make use of the resources
offered in your enrolment materials and on this site.
Q. What are segregated funds?
A. Segregated funds are a type of pooled fund (invest in numerous companies) and are similar to mutual funds. Both
types of funds combine money from a large number of investors and these assets are invested and managed by a
professional fund manager.
The assets in segregated funds are owned by the insurance company but are segregated from its other assets. Neither
the value of the assets nor the rates of return are guaranteed. Segregated fund assets are the assets of the insurance
company but in cases where they were to declare bankruptcy, all segregated fund assets would be allocated to the
participants in priority over the insurance company’s other creditors.
The market-based investments available through the Shaw Retirement and Savings Plans are segregated funds.Q. What amounts do you own if you decide to leave Shaw?
A. Vesting is immediate, which means you are entitled to the accumulated value of your accounts including your
contributions (if applicable) and those made on your behalf by Shaw. You will receive more information three to
four weeks after your departure from Shaw, or you can contact Sun Life’s Customer Care Centre for more information.
Q. When do you receive statements for your Shaw Retirement and Savings Plans?
A. In January, annual statements will be available online and mailed directly to you. You will also be able to view your
semi-annual statement online in July. You can also view your Sun Life account statements online for up to seven years.
You can also review account details any time online, or through Sun Life’s Customer Care Centre and Automated
Telephone Service.
Q. Where can you access your online statements?
A. Visit mysunlife.ca/shaw > my financial centre > Accounts > Statements.
Q. How do you get a tax receipt for your workplace RRSP contributions?
A. Tax receipts are produced and mailed in early January (for RRSP contributions made during March to December) and
March (for contributions made in the first 60 days of that year) of every year.
To view and/or print your tax slips and/or receipts online:
1. Once you are online select my financial centre > Requests > Tax slips & RRSP info > Tax slips.
You can then see all your recent tax slips and/or receipts issued by Sun Life.
Q. How do you transfer in money from other retirement savings plans?
A. To transfer your personal registered savings (or savings from a previous employer’s pension plan), you need to submit
a form to the financial institution that currently holds your money.
Once online select my financial centre > Requests > Consolidate your savings.
You can either get help from a Financial Services Consultant, or complete the form yourself.
Q. Need help?
A. How to reach us
• Call Sun Life at 1-866-896-6976 any business day, from 6 a.m. to 6 p.m. MT/8 a.m to 8 p.m. ET.
• Sign in to your account on mysunlife.ca/shaw or via Shawbenefits.ca, or through the my Sun Life mobile app.
Download it from the Apple App Store or Google Play.
12/18-ke-jc (Shaw_DCPP and RRSP FAQ_E_1218_v1_jc)You can also read
