Canada Life links with Brewin Dolphin on 14 pension funds

Jenna Brown reports

Canada Life has launched a range of 14 pension funds managed by wealth manager Brewin Dolphin.

It is the first time a retirement provider has partnered with Brewin Dolphin’s Managed Portfolio Service (MPS) outside of a fund platform.

The range – made up of seven active and seven passive multi-asset insured options – is risk-adjusted for different risk profiles. They are exclusively available through the Canada Life Retirement Account.

The provider said 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”.

Canada Life wealth management division managing director and executive director Sean Christian said: “Our strategic partnership with Brewin Dolphin signals a step-change in our take to market strategy for the Retirement Account. 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.”

Brewin Dolphin head of intermediary Antony Champion added: “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.”

The provider said advantage over a typical DFM approach included 100% Financial Services Compensation Scheme cover on insured funds while being managed by Brewin Dolphin; lower costs; and the reduction of burden on advisers through less reporting.

It explained: “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.”