Retirement income your way

SunFlex Retirement Income is a flexible, annuity-based product that will provide you with a guaranteed lifetime minimum income – with the opportunity to benefit from market growth. Available only from Sun Life Financial, SunFlex Retirement Income gives you guaranteed lifetime income plus the potential for bonus income based on the performance of the investment funds you select.

With SunFlex Retirement Income, you’ll have a smooth transition from your registered savings to a guaranteed retirement income stream. You can set up your policy so that you can take a cash advance from your future payments if your needs change. You even have the flexibility to convert to a fully fixed income stream, to take advantage of rising interest rates or to lock in growth.

You should consider SunFlex Retirement Income if:

  • You are age 55+ and have registered savings
  • You’re looking to supplement other sources of guaranteed lifetime income such as Canada Pension Plan (CPP), Old Age Security (OAS) or a defined benefit pension
  • You want the potential to benefit from market improvements.

Plan details:

You choose the date you want to start receiving income any time up to 12 months from the date of purchase.

Your bonus income will vary, depending on the performance of the funds you choose. But no matter how the markets perform, you’ll always have peace of mind knowing that you’ll receive your guaranteed lifetime income.

Your bonus income is reset every year, giving you the opportunity to benefit from market growth.

It’s possible that in declining return environments, your bonus income could decrease to zero. However, even if your bonus income decreases to zero in any given year, you will still be able to receive bonus income in the future, if markets recover.

You will pay tax on the income you receive from SunFlex Retirement Income, since it’s available only for registered money (which you haven’t yet paid tax on).

A SunFlex Retirement Income policy can provide income payments for as long as either you or your spouse lives. This option is called “joint life.”

You can request a lump-sum advance from your future guaranteed payments, as long as you have at least 3 months of guaranteed payments remaining and you did not use locked-in funds to buy your policy. You may take up to 3 income advances during the guaranteed period. Although this option is available, it’s important to appreciate the impact on your future payments of taking an income advance on your policy. An advisor can help you understand the details.

SunFlex Retirement Income gives you the opportunity to transfer all or a portion of your income to a payout annuity providing a fully guaranteed income stream. You can do this up to 3 times during the life of your policy.

If you select a guaranteed period and pass away during that period, SunFlex Retirement Income provides a death benefit. In general, the death benefit will become smaller with each income payment you receive.

With SunFlex Retirement Income, you can be confident that you’ll have guaranteed lifetime income during retirement – regardless of how long your retirement lasts. You can trust Sun Life Financial, an organization with a history of strong financial ratings and success for over 150 years.

In addition, SunFlex Retirement Income is covered by Assuris, a not-for-profit organization that protects Canadian policyholders. Visit for more details.

The guaranteed period is the time during which Sun Life Financial will pay a death benefit. If you have at least 3 months of guaranteed period left, it is also the time during which you can take an income advance, if available.

SunFlex offers 2 income strategies that determine the pattern of income you’ll receive:

  • Future Income Max starts income at a lower level and provides greater potential to increase and smaller potential to decrease bonus income in later years.
  • Starting Income Max starts income at a higher level, but has less potential to increase and more potential to decrease bonus income in later years.

Sample policies

Read examples of text that can appear in a policy. Not all the provisions apply to every policy – it is simply for your reference. When we issue a policy it governs the legal relationship between us and our client. An actual policy can have provisions that are somewhat different from those that you've read here.

  Single life, Future Income Max (RRSP)

  Joint life, Starting Income Max (RRIF)

  Single life, Future Income Max (RPP)

Retirement planning from Sun Life Financial

Speak to an advisor about SunFlex Retirement Income and Money for Life, Sun Life Financial's approach to retirement planning.

An advisor can help you choose the right mix of life, health and wealth solutions to meet your financial goals today and to help you transition into retirement with confidence and live in retirement with peace of mind.