For those employees who were terminated last November and are wondering what happened to their RRSP & Pension money that was with Sunlife, I have some information: If you requested that Sunlife transfer your funds to a different institution, and you filled out all the correct transfer forms (like I did), there is a good chance that your money went directly to Manulife (whether that was were you wanted it transferred to or not). In January, Enbridge changed their provider from Sunlife to Manulife and all accounts (even those of terminated employees) were moved. If you call Manulife, they will tell you that you can't transfer your funds to a different financial institution yet because Sunlife has not give them the "statement of options" for terminated employees.
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Yes. Legacy Spectra in Canada
Are there parts of Enbridge where people had investments with Sun Life? In my area the investments were with Standard Life, which was acquired by Manulife. Hence the change. Sun Life does medical, dental, etc..
Every year I transfer out my Manulife funds in kind into an external vehicle. Easy peesy.
I recently went thru the same thing. Not impressed. Called Manulife and un locked my funds. They didn't give me any hassle; super accommodating and I will receive my funds soon.
Wow, that’s awful. I’ve definitely been unimpressed by how the migration to Manulife for investments and Sunlife for benefits was handled. Some of the annoyances like not being able to access savings for a while were communicated, but hurried in with a bizzilion inane messages related to Workday. Workday communications were so numerous and annoying it was very hard to keep tabs on the stuff that was actually important, or that even applied to me.
IMO your funds are better off an Manulife vs Sunlife. Lower fees at Manulife. When a plan moves to a new provider it is normal to move all accounts regardless of terminated or active employees. No one gave authorization it just happened as part of the Sunlife plan closure. there was plenty of communication about the move to Manulife.
Just be patient there is a legal process the plan has to go through before they can release the funds to make sure its not locked in etc. It is good to know there is a hold up though as i was considering withdrawing some of my saving plan money so I guess i will wait a few weeks
you are simply a victim of terrible timing unfortunately.
I was terminated last year and Manulife moved my funds away from Sunlife without my authorization. Needless to say, I was quite surprised.
If anyone has any info or background I would be interested to know.