Changes to Your Western Pension Plan

Annual Member Meeting

The Annual Member Update meeting was held on March 5, 2025. Learn more and see the presentation slides.

April 2025 - Name Change: Canadian Long Term Bond Fund

In April 2025, the Long Term Bond Fund is being re-named to the Canadian Long Term Bond Fund. In the coming weeks, updates will be reflected on the Sun Life website and in plan materials. The goal of the change is to provide at-a-glance clarity that this is a portfolio of Canadian dollar denominated bonds issued by Canadian federal, provincial or municipal governments, and Canadian corporations.

There are no changes to the investment objective, investment strategy, or investment risk of the fund, and there is no change to the underlying fund manager, BlackRock.

The fund seeks to track the return and risk profile of the benchmark, FTSE Canada Long Term Bond Index (“The Index”). The Index consists primarily of bonds issued domestically in Canada and denominated in Canadian dollars, with an investment grade rating and a remaining effective term to maturity of at least ten years. The longer term to maturity of the bonds results in the fund being more sensitive to changes in interest yields than a portfolio of bonds with shorter terms to maturity.

March 2025 - Diversified Bond Fund

Manager and investment changes are coming to Western’s Diversified Bond Fund. The changes impact the following investment options:

  • Diversified Bond Fund
  • Balanced Income Fund
  • Balanced Growth Fund

The changes are expected to be implemented on March 28, 2025. The details are summarized below and in a Detailed Portfolio Allocation chart that summarizes the target allocations for each mandate and manager (PDF).

There is no change to the overall objective for this fund, which is to provide a steady flow of income and the potential for capital gains by investing in Canadian and non-Canadian fixed-income securities.

The changes in the structure of the portfolio reflect the research done by the Joint Pension Board with the support of the Board’s investment consultants at Mercer and the Investment team at Western. Western’s Joint Pension Board believes the changes will help the portfolio earn better returns while taking risk into account.

The shift sees a move out of a pointed allocation to traditional Global Core Plus fixed income, and instead, accessing global fixed income through a Global Multi-Asset Credit (MAC) mandate which is expected to be more diversifying and less correlated with the rest of the fund. The shift also sees an increase in Canadian Core Plus Fixed Income mandates due to better risk-adjusted return profile than traditional global fixed income mandates. “Plus” refers to the inclusion of investment strategies beyond the traditional core holdings of high-quality government and corporate bonds, and MAC allocates across a broader range of credit assets.

These changes were also shared at the Annual Member Meeting on March 5, 2025. The Morningstar fund information within your Sun Life account will reflect these changes once the first quarter is released.

See a Detailed Portfolio Allocation chart summarizing the target allocations for each mandate and manager (PDF).

Help in choosing or reviewing your investment mix

As a member of the Western Pension Plans, it is your responsibility to select the mix of investments most appropriate for your risk tolerance and investment goals. The information about the coming changes may impact your future investment decisions. Sun Life offers many ways of supporting you in understanding your options and making your choices, including online tools, webinars, and advice from a salaried financial services consultant. You can reach Sun Life through your account on their website, mobile app or by calling their Client Care Centre at 1-866-733-8612 on business days from 8 a.m. to 8 p.m. If you call Sun Life from the mobile app you will already be authenticated and move more quickly to support.

The Academic Staff Pension Board and Administrative Staff Pension Board, working together as the Joint Pension Board, approve changes to the investment lineup for the Western Pension Plans. Some of the investment options are used as components of other investment options and as a result, some changes impact multiple options. Decisions are guided by the Board’s governance policy and supported by internal professional investment staff as well as external investment consultants from Mercer Canada Limited (Mercer).

January 2024

Manager and investment changes are coming to your Western Pension Plan.

As a Western Pension Plan member, it is your responsibility to select the mix of investments most appropriate for your risk tolerance and investment goals. The information about the coming changes may impact your future investment decisions. Sun Life offers many ways of supporting you in understanding your options and making your choices, including on-line tools, webinars, and advice from a salaried financial services consultant.

The changes impact the following investment options:

The changes are underway and will be implemented over the coming months.

Members currently invested in the Socially Responsible Global Equity Fund will receive an additional communication from Sun Life.

To learn more about these changes read the detailed announcement (PDF)

Note that Morningstar fund sheets are updated on a quarterly basis. The changes noted in this communication will be reflected in the respective fund sheet for the quarter after the change occurs.

The Academic Staff Pension Board and Administrative Staff Pension Board, working together as the Joint Pension Board, approve changes to the investment line up for the Western Pension Plans. Some of the investment options are used as components of other iions are guided by the Board’s governance policy and supported by internal professional investment staff as well as external investment consultants from Mercer Canada Limited (Mercer).

Other Investment Changes

Published on  04/09/2025 17:32:17 and maintained in Cascade CMS.