Plan at a glance:
University of Saskatchewan Group Retirement Fund
Prescribed Retirement Income Fund – PRIF
Registered Retirement Income Fund – RRIF
Your plan at a glance
We know how hard you have saved for your future. Now it’s time for you to make informed decisions about the
savings you have accumulated in order to meet your retirement goals.
When that time comes to convert your savings to retirement income, University of Saskatchewan plan participants
have the following options:
• University of Saskatchewan Group Retirement Fund (customized PRIF/RIF*) with Sun Life Financial;
• PRIF/RRIF with Sun Life Financial or another financial institution; and/or
• Annuity with Sun Life Financial or another insurer.
University of Saskatchewan Group Retirement Fund
The University of Saskatchewan Group Retirement Fund (the Group Retirement Fund) is a custom product
available only to members who participate in a University of Saskatchewan pension plan.
This brochure provides a brief overview of the University of Saskatchewan Group Retirement Fund. Inside you
will find:
• A description of the Prescribed Retirement Income Fund (PRIF); and Registered Retirement Income Fund (RRIF);
• A description of the investment options available;
• A description of the current fees;
• Additional features of the plan;
• Access and contact information for a licensed Retirement Consultant at Sun Life Financial to answer your questions
about the University of Saskatchewan Group Retirement Fund;
• Frequently asked questions about Saskatchewan Prescribed Retirement Income Funds.
Income Options
The University of Saskatchewan Group Retirement Fund offers two different retirement income plans*, as shown
in the chart below:
Prescribed Retirement Income Fund (PRIF)
Registered Retirement Income Fund (RRIF)
What is it?
A PRIF for your locked-in pension investments.
A RRIF for your non locked-in pension
investments and other registered savings.
When is it used?
When you’re eligible and ready to convert your
registered pension savings into retirement income,
but no later than December 31st of the year you turn
71.
When you are ready to convert your registered
savings into retirement income, but no later than
December 31st of the year you turn 71.
Eligibility
June 30th following age 55, but no later than
December 31st of the year you turn age 71.
You are able to enrol into the RRIF any time
after you have transferred pension funds into
the PRIF, but no later than December 31st of the
year you turn age 71.
Minimum withdrawal amount (as
set by the federal Income Tax Act)
See chart on page 6
The Income Tax Act sets a minimum annual amount
you must withdraw each year. You can withdraw any
amount you wish over this minimum.
The Income Tax Act sets a minimum annual
amount you must withdraw each year. You
can withdraw any amount you wish over this
minimum.
Maximum withdrawal amount (as
set by the federal Income Tax Act)
The maximum amount you can withdraw from a
PRIF is limited to the amount of money in your
account.
The maximum amount you can withdraw from a
RRIF is limited to the amount of money in your
account.
1 | SUN LIFE FINANCIAL | RETIREMENT GUIDE
Income options continued.
Spousal consent
Your spouse must sign a waiver form for you to
transfer your pension funds to a PRIF.
Not required.
Beneficiary information
You must name your spouse as the beneficiary of
your PRIF. If you do not have a spouse, you can name
a beneficiary of your choice. If you do not designate
a beneficiary, your assets will default to your estate.
You can name the beneficiary of your choice. If
you do not designate a beneficiary, your assets
will default to your estate.
Tax implications
PRIF withdrawals are considered part of your annual
income. In addition, withholding tax will apply to
any withdrawals over the minimum. However, assets
remaining in the PRIF and their investment growth
are tax-sheltered until withdrawn.
RRIF withdrawals are considered part of your
annual income. In addition, withholding tax will
apply to any withdrawals over the minimum.
However, assets remaining in the RRIF and
their investment growth are tax-sheltered until
withdrawn.
* The Group Retirement Fund not only includes PRIF and RRIF options available under Saskatchewan pension legislation, but also includes LIF and
LRIF options offered in other pension jurisdictions. This availability will allow for investments in your pension plan that originated from plans in
other pension jurisdictions to comply with regulations in those pension jurisdictions.
Investment Options
There are 8 different investment options to choose from, identical to that of the 2000 Academic Money Purchase
Pension Plan and the Research Pension Plan. They are set out in the tables below.
YOUR INVESTMENT OPTIONS
Aggressive
Canadian
Equities
U.S.
Equities
International/
Global Equities
Balanced
RETURN
Conservative
Bond
Money
Market
Sun Life
Money Market
Segregated Fund
low
BlackRock
Universe Bond
Index
Segregated
Fund
University of
Saskatchewan
Conservative
Life Cycle
Segregated
Fund
(80% Bonds
20% Equities)
University of
Saskatchewan
Balanced
Life Cycle
Segregated
Fund
(40% Bonds
60% Equities)
University of
Saskatchewan
Aggressive
Life Cycle
Segregated
Fund
(20% Bonds
80% Equities)
RISK
University of
Saskatchewan
Canadian
Equity
Segregated
Fund
BlackRock U.S.
Equity Index
Segregated
Fund
University of
Saskatchewan
International
Equity
Segregated
Fund
high
RETIREMENT GUIDE | SUN LIFE FINANCIAL | 2
Investment Options (continued)
The Group Retirement Fund offers you two distinct investment approaches to invest
and save – built FOR me (Life cycle funds/Target risk funds) and built BY me (fund
lineup from which you can build your own portfolio).
As a reminder, you can learn more about the investment options offered in the
University of Saskatchewan Group Retirement Fund through Morningstar®, a leading
provider of investment news and analysis. Log in to your account at mysunlife.ca,
then under the Accounts drop-down menu, select Investment performance, then
select each fund.
Built FOR me
Life cycle funds
Life cycle funds (sometimes called target risk or asset allocation funds) are designed to match your comfort
level with investment risk. Each target risk fund is designed to match a particular level of investor risk tolerance,
and is re−balanced regularly to ensure that its target asset mix is maintained on an ongoing basis.
Fund category
Fund investment options
Life cycle
Conservative Life Cycle Fund
(80% bonds, 20% equities)
Balanced Life Cycle Fund
(40% bonds, 60% equities)
Aggressive Life Cycle Fund
(20% bonds, 80% equities)
YOU SHOULD CONSIDER A LIFE CYCLE FUND IF YOU:
• Have little or no interest in actively rebalancing your account. You should, however, review and revisit your asset allocation selection on a periodic basis.
Built BY me
The Group Retirement Fund lets you build your own portfolio with funds from a variety of investment fund
asset categories.
Fund category
Fund lineup
Money market
Sun Life Financial Money Market Segregated Fund
Bonds
BlackRock Universe Bond Index Segregated Fund
Canadian Equities
University of Saskatchewan Canadian Equity Fund (Triasima and BlackRock)
U.S. Equities
BlackRock U.S. Equity Index Segregated Fund (Registered assets only)
International Equities
University of Saskatchewan International Equity Fund (Mawer International Equity)
YOU SHOULD CONSIDER BUILDING YOUR OWN PORTFOLIO IF YOU:
• Are comfortable choosing your own investment funds;
• Are comfortable actively managing your portfolio; and
• Will monitor and make any changes needed to your portfolio to ensure it continues to reflect your investment goals.
3 | SUN LIFE FINANCIAL | RETIREMENT GUIDE
And there’s more! Fee advantage
As a member of the University of Saskatchewan Group Retirement Fund, you will also benefit from paying lower
fees that would generally not be available to you as an individual investor at a mutual fund company or other
financial institution. Lower fees are an important benefit of belonging to a group plan, and the result of the
collaboration between the University of Saskatchewan and Sun Life Financial is more bargaining power than
you probably would have had on your own. Lower fees can have a large impact on the costs you incur in your
retirement income plan, and you keep more money where it belongs – in your account.
Retirees are charged an annual Sun Life Financial administrative fee of 1/10 of one percent (0.10%) of balances; and
an administrative fee of $50 per year is charged by the University. Investment management fees are charged in the
same manner as the 2000 Academic Money Purchase Pension Plan and the Research Pension Plan.
The table below shows the annualized fees as of December 31, 2014:
Fund
Investment Management Fee
Sun Life Administration Fee
Total Fees*
Money market
0.11%
0.10%
0.21%
Bond
0.10%
0.10%
0.20%
Conservative Life cycle
0.13%
0.10%
0.23%
Balanced Life cycle
0.25%
0.10%
0.35%
Aggressive Life cycle
0.31%
0.10%
0.41%
Canadian Equity
0.41%
0.10%
0.51%
U.S. Equity
0.10%
0.10%
0.20%
International Equity
0.64%
0.10%
0.74%
* Does not include $50 University of Saskatchewan annual administrative fee.
You can find up-to-date information on the fees you pay online. Simply sign in to mysunlife.ca using your access
ID and password, and select my financial centre > Accounts > Account fees.
Additional features of the Group Retirement Fund
• Members have many options for withdrawal schedules (annual, semi-annual, quarterly, or monthly) or lump sum
withdrawals.
• Membership is extended to retirees from the 2000 Academic Money Purchase Pension Plan, and Research Pension Plan.
• Sun Life Financial manages the transition of balances and administers all accounts.
• Retirees have access to retirement planning services from Sun Life Financial advisors, normally only available through
financial planners in the private marketplace.
• Members have access to the Sun Life Financial system including the Customer Care Centre, Member Website, Transition
Service Centre and the RRIF Call Centre.
• Members may exit the Group Retirement Fund with the payment of a minimal fee, presently set at $100.
• The Academic Money Purchase Pension Committee (AMPPC) provides the oversight duties for the Group Retirement
Fund. Retirees contribute to the expenses associated with the oversight duties via a portion of the University of
Saskatchewan annual administrative fee.
• Sun Life Financial is able to make an Electronic Funds Transfer (EFT) directly into your Canadian bank account.
RETIREMENT GUIDE | SUN LIFE FINANCIAL | 4
Easy Access
Sun Life Financial website – mysunlife.ca
As a member of the University of Saskatchewan Group Retirement Fund, you enjoy access to Sun Life Financial’s Plan
Member Services website, mysunlife.ca and my money tools, a suite of online financial planning tools that can help
you build a better future, or make the most of your retirement savings nest egg. my money tools allow you to learn
more about your group plan’s investment options, make changes to your investment selections and access financial
planning tools, including:
• Registered Retirement Income Fund (RRIF) calculator: Find out how much income you can expect from your RRIF.
• Old Age Security (OAS) clawback calculator: Find out how much you can expect in OAS payments.
• Pre-retirement Learning Centre: a series of webcasts on a variety of retirement-specific topics, including understanding retirement in Canada, government benefits at retirement, drawing income and health products at retirement.
• Annuity premium calculator: Estimate the annuity premium to purchase a life annuity from an insurance company and get an idea of how much monthly annuity income you may receive for a lump sum amount.
• Learn about your investment options through Morningstar®: You can learn more about the investment options offered in
the University of Saskatchewan Group Retirement Fund through Morningstar®, a leading provider of investment news and
analysis. Under the Accounts drop-down menu, select Investment performance, then select each fund.
Contact Information
Sun Life Financial licensed Retirement Consultants
As a member of the University of Saskatchewan Group Retirement Fund, you enjoy access to licensed
Retirement Consultants at no cost to you. At your convenience, the Sun Life Retirement Consultants will
help you understand your conversion options and other insurance and investment plans that are available to
you. They will also provide you with advice and guidance on the investment funds included in your Plan and
assist you in meeting your unique retirement goals.
Sun Life Financial’s Client Solutions Centre has a team of licensed Retirement Consultants available at
1-855-864-5989, any business day from 8 a.m. to 6 p.m. EST.
University of Saskatchewan
For additional information, please contact the University of Saskatchewan Pensions and Treasury office at
306‑966‑6633 or pensions.inquiries@usask.ca.
5 | SUN LIFE FINANCIAL | RETIREMENT GUIDE
Prescribed Registered Retirement Income Fund (RRIF)
– Frequently Asked Questions
The following information is provided by the Saskatchewan Financial and Consumer Affairs Authority, Pensions
Division. It is the same product as the PRIF that is part of the University of Saskatchewan Group Retirement Fund.
You can find more information on prescribed RRIFs at the following website:
www.fcaa.gov.sk.ca/sfsc-pension-plan-members
When can I start a Prescribed RRIF?
You must be eligible to commence your pension in order to be eligible to transfer locked-in pension money to a
prescribed RRIF. If you are transferring money directly from a pension plan, the earliest age at which your pension
can commence is established by the rules of the plan. You may transfer money from a LIRA at the earlier of age
55 or the early retirement age established by the plan where the money originated.
Does my spouse have to sign a consent form for me to transfer to a Prescribed RRIF?
Yes, under pension legislation your spouse is entitled to receive a guaranteed pension on your death paying 60%
of the pension amount to which you were entitled. A prescribed RRIF cannot provide that guarantee to your
spouse. As well, there is nothing preventing you from withdrawing the entire amount from your prescribed RRIF in
which case your spouse would not receive any pension on your death.
What is the minimum withdrawal required to be made from a Prescribed RRIF?
A prescribed RRIF must be registered under the Income Tax Act. One of the most important rules found in the
Income Tax Act for a RRIF is that you must be paid an income each year, except for the first year of the contract.
The Income Tax Act establishes the minimum annual withdrawal required to be made from a RRIF. You do not
have to withdraw money in the calendar year in which the RRIF is established.
A RRIF operates on a calendar year basis. The amount of the minimum withdrawal varies each year based on your
age at January 1.
Can I use my spouse’s age in determining the minimum withdrawal?
Yes, the Income Tax Act permits you to use your age or the age of your spouse in determining the minimum
withdrawal. This is a one-time decision made when the prescribed RRIF is established. Using the age of the
younger person will reduce the minimum required withdrawal.
To determine the minimum annual payment, multiply the value of your prescribed RRIF as at January 1 by the rate
that corresponds to your (or your spouse’s) age:
Minimum withdrawal table for PRIF and RRIF
Age at January 1
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
Rate %
Age at
January 1
Rate %
Age at January 1
Rate %
2.50
2.56
2.63
2.70
2.78
2.86
2.94
3.03
3.13
3.23
3.33
3.45
3.57
3.70
3.85
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
4.00
4.17
4.35
4.55
4.76
5.00
7.38
7.48
7.59
7.71
7.85
7.99
8.15
8.33
8.53
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94 & beyond
8.75
8.99
9.27
9.58
9.93
10.33
10.79
11.33
11.96
12.71
13.62
14.73
16.12
17.92
20.00
RETIREMENT GUIDE | SUN LIFE FINANCIAL | 6
What is the maximum withdrawal from a Prescribed RRIF?
There is no maximum limit on RRIF withdrawals.
Will I be taxed on the withdrawals?
The withdrawal will be considered part of your income for the year and you will have to pay tax. There is no
withholding tax on the minimum withdrawal. Tax is required to be withheld on withdrawals that exceed the
minimum.
What are the rules for investing my Prescribed RRIF?
The investment rules are those placed on a RRIF by the Income Tax Act. No further restrictions apply. You
determine how the money in your prescribed RRIF is invested and investment earnings continue to grow on a
tax-sheltered basis to the extent they are not withdrawn.
What happens when I die?
You must name your spouse as beneficiary of the money in your prescribed RRIF. However, your spouse may
waive his or her designated beneficiary status by signing a waiver form. Your spouse may revoke the waiver at any
time by providing notice to the issuer of the prescribed RRIF.
If you have no spouse or if your spouse has signed a waiver, the money will pass to a designated beneficiary or
your estate and will be taxed in the year of your death as determined by your executor. The disposition of the
money is governed by the Income Tax Act.
Where can I find a Prescribed RRIF?
A wide variety of financial institutions, such as banks, trust companies, credit unions, insurance companies and
brokerage firms, offer the product.
Can my Prescribed RRIF be seized by my creditors?
No, the money in a prescribed RRIF is exempt from execution, seizure or attachment. Also, you may not assign
the money. However, a prescribed RRIF could be subject to a division on spousal relationship breakdown pursuant
to The Family Relations Act. As well, the money in a prescribed RRIF could be subject to attachment for purposes
of enforcing a maintenance order pursuant to The Enforcement of Maintenance Orders Act.
Do I ever have to purchase a life annuity?
No, you do not have to purchase a life annuity.
Is my Prescribed RRIF guaranteed or protected from loss?
Your prescribed RRIF is not insured or guaranteed by the Government of Saskatchewan. Your pension income
could suffer from poor investment performance.
Some of the products in which you are invested might be guaranteed. For example, deposits at banks, trust
companies and credit unions are backed by insurance schemes.
I’m comfortable with my LIRA investments, but want to start a Prescribed RRIF. How can I keep my
investments?
Subject to the provisions of your prescribed RRIF contract, you may be able to transfer identifiable and
transferable securities, either into or out of a prescribed RRIF. This would permit you to continue a particular
investment strategy you have adopted in investing your LIRA assets without having to dispose of and repurchase
the securities.
Can I transfer my money from one Prescribed RRIF to another Prescribed RRIF?
Yes, however, before the transfer takes place, the minimum annual withdrawal amount required under the Income
Tax Act must be taken. Money that originated from a registered pension plan (locked-in) must be kept separate
from ordinary RRIF money that accumulated as a result of personal savings.
Can I roll over my annual withdrawal to an RRSP or RRIF?
No, the prescribed RRIF has certain characteristics such as protection of spouses that make it different from an
ordinary RRSP or RRIF.
Do I receive my income monthly or in a lump sum at the start of the year?
The frequency of payments is a matter between you and your financial institution.
Are Prescribed RRIF payments eligible for the pension tax credit?
Payments from a RRIF to a person age 65 and older are eligible for the pension tax credit. However, if you are
under age 65, you will not be able to claim your RRIF payments.