Terms to help you understand your statement

Transcription

1 Navigating your Sun GIF Solutions statement Want to better understand your statement? Use this guide as a handy reference to explain each section. Your statement includes information that s applicable only to your Sun Guaranteed Investment Fund (GIF) Solutions contract and registration type. The example below shows all the possible details that can be part of any Sun GIF Solutions statement. Terms to help you understand your statement PAC pre-authorized chequing LIF life income fund RRSP registered retirement savings plan DCA funds dollar cost average funds SWP systematic withdrawal plan LRIF locked-in retirement income fund TFSA tax-free savings account ACB adjusted cost base RLIF restricted life income fund RRIF registered retirement income fund LIRA locked-in retirement account 1 Your advisor is listed here and is the first point of contact for any questions regarding your statement. 2 This heading refers to the name of the contract and the statement period end date. 1 Advisor 3 4 This is your registration type and contract number. Here s where you ll find an overview of the contract activity for the statement reporting period, which includes any money you ve added to the contract (contributions), money you ve taken out of the contract (withdrawals) and changes to the value of the contract (market value) If you ve elected income (decided to start receiving your lifetime guaranteed income amount and have communicated this decision to us), this section shows the lifetime guaranteed income amount for the current year. For a year-end statement, the amount that s listed will refer to the next year. If you hold Estate and/or Investment Series only, this section won t appear. 6 5a If you re not receiving income yet, the escalating guaranteed income is displayed for your current age as well as five subsequent years. If you hold Estate and/or Investment Series only, this section won t appear. 5a 6 This section provides the maturity guarantee benefit and the death benefit guarantee for the contract. If you hold more than one series of units within the contract, the value is the sum of the series level guarantees.

2 7 The top of each statement page displays the contract type, the contract number and the owner s name. 7 8 If you re receiving income, this section provides greater detail about the lifetime guaranteed income amount and the impact of any contributions and/ or excess withdrawals on the lifetime guaranteed income amount. 8 8a If you re not receiving income yet, this section appears and displays a chart similar to the one on the first page of your statement that shows the guaranteed income at the current age and the escalating amount for five subsequent years. There s also a graph that helps illustrate the escalating amounts (see #8a graph). 9 9 This section summarizes the market value, maturity guarantee and death benefit guarantee for each series in your contract as well as a total for the entire Sun GIF Solutions contract. Annuitant 8a

3 10 Depending on the registration type of your contract and the options you ve chosen, here s a list of information that could appear in this section of your statement: Contract maturity date Joint owner Annuitant Successor annuitant (successor plan holder if it s a TFSA contract) Successor owner Maturity guarantee benefit Death benefit guarantee 10 Beneficiary If you have Income Series, the lifetime guaranteed income details will include: Income option (single life or joint life) Annuitant Amount (if you re receiving income) Adjusted amount (if you re receiving income and it is a RRIF-type contract) Income age (if you re receiving income) or current income age (if you re not receiving income) 11 Primary beneficiary All primary beneficiaries named on the contract are noted with the percentage allocation beside their names. If the beneficiary is irrevocable, the word irrevocable appears beside the name in brackets and you ll see an additional paragraph covering irrevocable beneficiaries is included. Details specific to RRSP and RRIF-type contracts will include: Contribution amount (first 60 days and remainder of the year) Individual/Spousal RRSP only Contributor Spousal RRSP only Last year to make contributions Individual/Spousal RRSP only Conversion date RRSP, LRSP, RLSP, LIRA Minimum annual payment all RRIF-type contracts Maximum annual payment LIF, LRIF, RLIF Requested annual payment for contracts receiving income, this will be the lifetime guaranteed income amount 11 Here s where you ll find your contract holdings by series. This section lists the funds, asset classes, units, unit values (as of the statement period end date), the value of the holdings (as of the statement period end date), average cost per unit and the adjusted cost base. You ll also see a description of the adjusted cost base.

4 12 The contract fund mix section illustrates your holdings in a pie chart format by asset class with a percentage breakdown next to it. The chart is colour coded for the different asset classes in the contract. Below the pie chart you ll see a fund comparison. It shows the dollar amount as of the current statement period end date and the dollar amount as of the previous statement period end date. 13 This section provides your contract rate of return as well as the rate of return for each fund in the contract. There are seven different periods: Year to date, 6 months, 1 year, 3 year, 5 year, 10 year and since inception. The information box gives an explanation of your rate of return calculation The contract summary section gives you an historical look at your contract from the day it was opened. The amounts shown for contributions, withdrawals and increase/decrease in market value are always calculated to reflect the date of the first deposit. The total amount reflects the market value as of the statement period end date If you have any recurring transactions in your contract, you ll see them here. This section includes PAC, SWP, income payments and automatic switches. If there aren t any recurring transactions No recurring transactions will appear (see an example of the summary in chart #15a below). 15a 14 15

5 16 This section summarizes your contract activity for the statement period. All funds are listed under the series in which they are held. If you hold the same fund in two series, they re listed for each series. There are descriptions of each transaction type beneath the chart This is where you ll find details for each transaction that occurred during the statement period. If you hold more than one series, as in this sample, all transactions in order of the trade date in each series are displayed. The full fund name and the fund code are listed first with the transactions below. The opening balance is always as of the statement period start date. All transactions as well as taxes, fees and commissions are shown. 18 The last section of your statement explains where you can go to get additional information about the funds, tax obligations, fees or other details Life s brighter under the sun Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies. Sun Life Assurance Company of Canada, Digital-06-16