Financial Security Research Partnerships: Life in the Sun

The National Institute on Aging (NIA) and Sun Life have launched a research partnership aimed at increasing the financial security of older Canadians. This partnership, announced on June 22, 2023, is supported by a $300,000 contribution from Sun Life over three years. The research initiative will delve into the significant financial, health and mental challenges facing aging Canadians, particularly those within the long-term care (LTC) system. The partnership’s research will focus on the barriers that prevent some pension scheme members from accessing the savings they are entitled to, with an emphasis on improving conditions for these individuals.

One of the crucial issues the partnership will explore is the phenomenon of “missing members” in pension schemes. This problem arises when pension plan administrators lose contact with participants due to various reasons, such as relocation, bank changes or death, creating unclaimed pension assets. With more than $196 million in unclaimed retirement assets across Canada, the partnership aims to devise strategies to reunite Canadians with their rightful savings. In addition, Brent Simmons, Senior Vice-President and Head of Defined Benefit Solutions at Sun Life, has been appointed to the NIA Advisory Board, bringing valuable expertise to the table as the partnership seeks to address the financial insecurities facing older Canadians to take.