Financial Security Research Partnerships

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

One of the critical issues the partnership will investigate is the phenomenon of “missing members” in pension plans. This issue arises when plan administrators lose contact with members due to various reasons, such as relocation, banking changes, or death, leading to unclaimed pension assets. With over $196 million in unclaimed pension assets across Canada, the partnership aims to devise strategies to reunite Canadians with their rightful savings. Additionally, Brent Simmons, Senior Vice-President and Head of Defined Benefit Solutions at Sun Life, has been appointed to the NIA’s Advisory Board, bringing valuable expertise to the table as the partnership seeks to address the financial insecurities faced by older Canadians.

Image Credit: NIA, Sun Life