Voluntary Savings Plan Overview
The Voluntary Savings Plan (VSP) offers members of the Defined Contribution (DC) component of the pension plan an additional way to save for retirement.
The VSP is a Registered Retirement Savings Plan administered on a group basis by Sun Life Financial on behalf of Canada Post. You can choose to contribute 1% to 6% of your earnings through payroll deductions or make lump sum contributions. Canada Post does not contribute to your VSP.
Remember, you are responsible for ensuring that you do not exceed your overall RRSP limit, including contributions in the DC pension and in the VSP.
To enroll in the VSP
Enroll in the VSP online at mysunlife.ca or contact the Sun Life Financial Customer Care Centre at 1-866-292-3664.
First time using mysunlife.ca?
- Go to mysunlife.ca and select Register
- Fill out the online form
- Check your email for your temporary registration code
- Enter your temporary registration code and select Verify
Your code expires after 48 hours and is only available if Sun Life has your email address on file.
If Sun Life does not have your email address on file, you can also register using the last three digits of your Social Insurance Number (SIN) and your account number. Your account number is 12101 followed by your employee ID (e.g., 121011234567).
What role does Sun Life Financial play in the VSP?
You can get personalized information about your VSP account and investment options on mysunlife.ca. It contains retirement planning tools to help you develop and implement a savings and investment strategy that meets your needs, including the investment risk profiler and retirement planner. For more information, including how to log on to mysunlife.ca go to Membership in the DC section.
To learn more about your investment options, visit Investments in the DC section.
You may continue to contribute to your VSP directly with Sun Life Financial during a leave of absence without pay.
When your employment terminates or you retire, the balance in your VSP account may be paid to you as a lump sum, minus applicable income tax. You may also transfer it into a personal RRSP, including the Group Choices Plan offered by Sun Life Financial.
Visit Life Events in the DC section to learn more.
Transfers into the VSP
You may transfer lump-sum amounts from your personal RRSPs (including spousal accounts), locked-in RRSPs and previous employers’ pension plans to the VSP. To transfer these personal savings, complete and send the transfer form to Sun Life Financial at the address indicated on the form. For questions and assistance, you can call the Sun Life Financial Customer Care Centre at 1-866-733-8612 between 8 a.m. and 8 p.m. ET.
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