More than half of eligible working Canadians miss out on employer-sponsored group RRSPs

    Sun Life Financial data shows Canadians don't take advantage of the
    benefits offered by group RRSPs

    TORONTO, Feb. 14 /CNW/ - While Canadians tend to focus on individual RRSP
contributions, many neglect a critical part of their overall retirement
savings - group RRSP contributions.
    According to data from Sun Life Financial, of the nearly 500,000 Sun Life
members eligible for employer-sponsored RRSP programs, only 230,000 take
advantage of them. Since many of these plans include company matching of
employee contributions, this means Canadians are leaving money on the table.
    "Sun Life wants to remind Canadians to look at their overall retirement
picture when considering RRSP investments," said Mary De Paoli, Senior Vice
President, Group Retirement Services, Sun Life Financial Canada. "Eighty-four
per cent of our clients offer their employees a group RRSP plan, yet less than
half of those eligible actually participate. There are also many Canadians who
don't take advantage of their employer's offer to match their contributions.
That leaves millions of Canadians who aren't reaping the benefit of programs
their employers provide."
    In addition to retirement savings, group RRSP plans offer a number of
additional benefits to employees:-   Group RRSP contributions are deducted pre-tax.
    -   Employers often receive a volume discount through group RRSP
        programs, meaning fund fees are often much lower than retail mutual
        fund rates.
    -   Through their employer, employees gain access to a broad set of
        funds, many of which are available only to the high net worth market.
    -   Many employers offer a matching program, meaning the employer will
        match employee contributions. Matching programs can range anywhere
        from 25 to 150 per cent, providing employees an immediate and
        guaranteed return on investment."At Sun Life, we encourage Canadians to save at home, save at work and
save through the government," said De Paoli. "While the Canadian government
has made provisions to provide financial assistance during your retirement
years, it's still important to take a broad view of retirement planning. We
encourage Canadians to save on their own, and to save at work through their
group RRSP programs."

    Sun Life Financial is the leading provider of defined contribution, group
RRSP and Deferred Profit Sharing Plans (DPSP) in Canada with group assets of
over $33 billion.
    Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth accumulation
products and services to individuals and corporate customers. Chartered in
1865, Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Ireland,
Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of
December 31, 2006, the Sun Life Financial group of companies had total assets
under management of CDN$436 billion.
    Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol SLF.