Sun Life administration fee

Old Oct 1st 2003, 10:04 am
  #1  
Bank Ombudsman
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Default Sun Life administration fee

Has any other Canadian gotten a letter from Sun Life Financial about
an error in their administration fee? I didn't even know that as a
terminated member of a company defined contribution pension plan, that
my account at Sun Life was being charged a $10 monthly administration
fee.

I never got any notication of this fee when I left my company three
years ago. What is even worse is that this administration fee is not
properly disclosed on the quarterly statements and online. My small
pension plan has been penalized by hundreds of dollars over the
years. Had I been properly notified of the rip-off fees years ago, I
would have done everything to avoid it as I am doing now. If Sun Life
refuses to refund the fees, does anybody know the best way to escalate
my complaint. Does Sun Life or the life insurance industry have an
Ombudsman like the banks do?

Please reply by posting.
 
Old Oct 1st 2003, 10:37 am
  #2  
Mm
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Default Re: Sun Life administration fee

I worked for an actuarial and pension consulting firm for 5 years. If you had asked the question in the appropriate forum I would
have given you a useful reply. But as it is, you are spamming. So forget about getting a useful reply.
 
Old Oct 1st 2003, 1:16 pm
  #3  
Nick B.
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Default Re: Sun Life administration fee

In all likelihood they have a procedure you can follow - in the meantime, go
to a bank and arrange to transfer your funds into a locked-in RSP.

"Bank Ombudsman" <[email protected]> wrote in message
news:[email protected]...
    > Has any other Canadian gotten a letter from Sun Life Financial about
    > an error in their administration fee? I didn't even know that as a
    > terminated member of a company defined contribution pension plan, that
    > my account at Sun Life was being charged a $10 monthly administration
    > fee.
    > I never got any notication of this fee when I left my company three
    > years ago. What is even worse is that this administration fee is not
    > properly disclosed on the quarterly statements and online. My small
    > pension plan has been penalized by hundreds of dollars over the
    > years. Had I been properly notified of the rip-off fees years ago, I
    > would have done everything to avoid it as I am doing now. If Sun Life
    > refuses to refund the fees, does anybody know the best way to escalate
    > my complaint. Does Sun Life or the life insurance industry have an
    > Ombudsman like the banks do?
    > Please reply by posting.
 
Old Oct 1st 2003, 1:31 pm
  #4  
Robert
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Posts: n/a
Default Re: Sun Life administration fee

Might have CP MM but not spam !

"MM" <[email protected]> wrote in message
news:[email protected]...
    > I worked for an actuarial and pension consulting firm for 5 years. If you
had asked the question in the appropriate forum I would
    > have given you a useful reply. But as it is, you are spamming. So forget
about getting a useful reply.
 

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