Canada Life has joined forces with Brewin Dolphin to introduce a range of 14 pension funds managed by the wealth firm.
The life company said that this is the first time a retirement provider partnered with Brewin’s model portfolio service (MPS) outside of a fund platform.
The CanLife Brewin Dolphin range is made up of seven active and seven passive funds focused on multi-asset insured options, that are adjusted according to different risk profiles.
Shelley Greenwood, head of investment proposition – wealth at Canada Life, told International Adviser: “This is the first time we have partnered with a DFM in this way.
“The day-to-day operational running of the funds is still handled by Canada Life – we have partnered with Brewin Dolphin to allow access to their MPS investment expertise through an insured pension fund.
“This is not an outsourced arrangement, and the funds are Canada Life, created in partnership with Brewin Dolphin. We are constantly evolving our investment proposition to meet the needs of our customers and their financial advisers and so are always seeking innovative ways to support our target market.”
Changing retirement landscape
The range will be exclusively available through the Canada Life Retirement Account.
It will give advisers flexible access, as the funds can be mixed and matched with other funds from the life company’s retirement account range, to tailor the solution according to their clients’ needs, something that is “currently not possible using a platform approach”, Canada Life added.
The retirement provider said that customers will receive:
- 100% Financial Services Compensation Scheme (FSCS) cover on insured funds;
- The ability to blend funds;
- The ability to target a specific fund or funds for withdrawals or fees;
- Lower cost solutions: and,
- A reduced burden on advisers’ reporting duties.
Sean Christian, managing director and executive director of Canada Life’s wealth management division, said: “Our strategic partnership with Brewin Dolphin signals a step-change in our take to market strategy for the retirement account.
“By working with an industry leading wealth manager, for the first-time, advisers have access to insured funds in a retirement and decumulation proposition which has the platform functionality without the associated cost.”
Antony Champion, head of intermediaries at Brewin Dolphin, added: “The new funds will mean more choice, flexibility of access, and good value for advisers’ clients.
“The days of encashing at retirement are long gone for most people. There are a variety of options for people to save and then access retirement income in later life, which makes the need for professional advice all the more important.”
