Canada Life has launched an exclusive range of 14 pension funds managed by British wealth manager Brewin Dolphin.
This is the first time a retirement provider has partnered with Brewin Dolphin's Managed Portfolio Service (MPS) outside of a fund platform. The ‘CanLife Brewin Dolphin funds are a range of seven active and seven passively focused multi-asset insured options that are risk-adjusted for different risk profiles.
Exclusively available within the Canada Life Retirement Account, a stand-alone pensions saving and drawdown product which uniquely offers a guaranteed income, the new funds give advisers flexible access to insured funds which align to Brewin Dolphin's industry-leading Managed Portfolio Service.
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."
The ‘Canlife Brewin Dolphin' funds can be mixed and matched with other funds from The Retirement Account range (or combined with guaranteed income) to provide a bespoke savings and income solution for clients which is currently not possible using a platform approach.
The ‘Canlife Brewin Dolphin' funds offer clients a number of benefits over typical DFM arrangements, including:
- 100% FSCS cover on insured funds while the client still receives the benefit of Brewin Dolphin's investment expertise
- Blending of funds, allowing the adviser to use a range of funds rather than just operating one mandate within a DFM, while also having the ability to blend active and passively focused versions of the funds
- Ability to target a specific fund or funds for withdrawals or fees
- Lower cost solution, cost effective fund management fees
- Reduces burden on advisers through less reporting. With the insured funds solution there is no MiFID DFM reporting (for example 10% drop) and reduced adviser reporting as the client is invested in one fund (or a number of the 14 funds) rather than a DFM portfolio of numerous assets.
Sean Christian (pictured), MD 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."
"We've made significant enhancements to the Retirement Account this year, and alongside the launch of these funds, advisers will see we are serious about helping provide better retirement outcomes for their clients."
Antony Champion, head of intermediaries, Brewin Dolphin, commented: "We're so pleased to offer our award-winning investment expertise to leading retirement provider, Canada Life. The 14 ‘CanLife Brewin Dolphin' pension funds are managed by our Investment Solutions team and combine our asset allocation expertise with our investment selection. 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."