Transition Rules for existing SunWise Elite Plus

managed by CI Investments Inc.
Transition Rules for existing
SunWise Elite Plus Policies established
issued by Sun Life Assurance Company of Canada
prior to March 24, 2008
Adding the SunWise Elite Plus (GMWB) Rider
All existing SunWise Elite clients may elect the SunWise Elite Plus (GMWB) Rider at any time prior to the annuitant’s 80 th birthday or prior to
the age limits defined in the contract.
There are now two payment options for the GMWB: the new GWB Lifetime Option (LWA) and the GWB Withdrawal Period Option (GWA).
If the GWB Lifetime Option (LWA) Payment Option is selected
Policies will be governed by the terms and conditions of the March 2008 Information Folder and Annuity Contract.
Note: The GWB Lifetime Option (LWA) Payment Option may be elected at any time before the Annuitant's (LWA Annuitant for joint annuitant policies) 80 th
birthday. LWA payments may only start after December 31/ Age 65.
If the GWB Withdrawal Period Option (GWA) Payment Option is selected
Policies will continue to be governed by the terms and conditions of the GMWB Rider under the 2007 Information Folder and Annuity Contract.
Changing the GWA Payment Option to the LWA payment*
Existing GMWB Rider clients with the GWB Withdrawal Period Option (GWA) Payment Option may change their payment option to the GWB
Lifetime Option (LWA).
1. Existing GMWB clients who were 65 years of age or older on December 31, 2007
GWB Payment change prior to December 31, 2008
> Upon GWB Payment Option change, the LWA Threshold Amount will be equal to the GWB Adjusted Base Amount at the time of
election. The LWA will equal 5% of the LWA Threshold Amount (and will be equal to the GWA on the election date).
> Clients that did not make any withdrawal in 2008 will have access to the entire annual LWA amount. Clients that made a withdrawal
in 2008 will be entitled to take the remainder as LWA payment.
GWB Payment Change after December 31, 2008
> The LWA Threshold Amount will be equal to the Remaining GWB on the election date.
> The LWA will be calculated immediately based on the LWA Threshold Amount.
2. Existing GMWB clients who were under the age of 65 on December 31, 2007
> LWA Payment Option may be elected before December 31/Age 65, however LWA payments may only start after December 31/Age 65.
> An automatic GWB reset occurs on December 31 of the year in which the annuitant turns 65 years of age. This date becomes the new
Reference Date. Any subsequent automatic resets will be processed based on the new Reference Date.
Note: The bonus schedule does not start over.
> The LWA Threshold Amount will be equal to the Remaining GWB Amount following the reset.
> The LWA will be calculated as 5% of the LWA Threshold Amount (reset amount).
*Provided client elects the GWB Payment Option change for 100% of the units held in the policy, this will not be processed as a transfer to a new account
and it will have no affect on the deposit maturity and death benefit guarantees. After the GWB Payment Option change, policies will be governed by the
terms and conditions of the March 2008 Information Folder and Annuity Contract.
If the client elects to the change the GWB Payment Option for less than 100% of the SunWise Elite Plus GWA policy, this change will be processed as a
transfer to a new contract. A new application form is required. This transfer will be done at market value, and a taxable disposition will occur. The transfer
will be processed as a sell and a buy for the purpose of calculating the guarantees and the GWB benefit of the new contract. The current market value of the
transfer will be the base for the maturity and death guarantees and for the GWB benefits. For the existing policy, the amount of the transfer will be
considered to be a withdrawal and will be treated as an excess withdrawal if greater than the GWA at the time of transfer.
Documents required
Clients who elect to add the GMWB Rider or to change their payment option must sign and complete the SunWise Elite Plus
(GMWB) Rider Election & Payment Direction Form.
Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuity contract providing
for investment in SunWise Elite segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the
Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND MATURITY GUARANTEES, ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED
FUND IS INVESTED AT THE RISK OF THE CONTRACT HOLDER AND MAY INCREASE OR DECREASE IN VALUE ACCORDING TO FLUCTUATIONS IN
THE MARKET VALUE. ®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. ®SunWise is a registered trademark of
Sun Life Assurance Company of Canada. †AIM, the chevron logo and all associated trademarks are trademarks of AIM Management Group Inc., used under licence.
*TRIMARK and all associated trademarks are trademarks of AIM Funds Management Inc. ®Fidelity Investments and the Fidelity design are registered trademarks of
FMR Corp. ®RBC Asset Management is a registered trademark of Royal Bank of Canada. TMTD Asset Management is a trademark of The Toronto-Dominion Bank,
used under licence.
Sun Life Assurance Company of Canada
227 King Street South
P.O. Box 1601 STN Waterloo
Waterloo, Ontario N2J 4C5
2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.com
Head Office / Toronto
416-364-1145
1-800-268-9374
Calgary
403-205-4396
1-800-776-9027
Halifax
902-422-2444
1-800-268-9374
Montreal
514-875-0090
1-800-268-1602
Vancouver
604-681-3346
1-800-665-6994
Client Services
English: 1-800-563-5181
French: 1-800-668-3528
LWA TRANSITION RULE-03/08E