Canada Life has announced its post Retail Distribution Review (RDR) adviser-charging structure across its core retirement, onshore and offshore investment solutions.
The company will facilitate a combination of initial, ongoing and ad-hoc charges in percentage and monetary terms.
The company has also amended its product designs where necessary to meet RDR requirements, but will continue to offer its existing products and commission options until the end of the year.
Managing director of wealth management for Canada Life, Peter Towers, said: "Canada Life can now provide advisers with access to both onshore and offshore RDR compliant products with a variety of adviser charging options to suit intermediary businesses and their clients. We have developed our offering following extensive research and discussion with advisers."
Executive director, retirement income at Canada Life, Richard Priestley, said: "This year we have had the twin challenges of RDR and Gender Equalisation legislation and we are delighted to be able now to provide quotations on all of our annuity products that are RDR compliant well ahead of the deadline. Our gender neutral pricing will be introduced on quotes from 6 December.
"With these changes we are well placed to support a range of distribution models going forward both advised and non advised."
|Investment products||Onshore, Offshore or Institutional||
Initial adviser charge
Initial adviser charge
|Ongoing adviser charge||Ad hoc adviser charge|
|Flexible Investment Bond||Onshore||√||√||√||√|
|Dimensions Preference Account||Offshore||√||√||√||√|
| Offshore Savings Account
| Annuity Growth Account
|Lifetime Annuity & Scheme Pension||Onshore||√||x||x||x|
|Purchased Life Annuity (available from Q1 2013)||Onshore||√||x||x||x|
|Estate planning products|
|Wealth Preservation Bond (available from Q2 2013)||Onshore||√||x||√||√|
|Delta Discounted Trust Account||Offshore||√||x||x||x|
|Dimensions Preference Discounted Trust Account||Offshore||√||x||x||x|
|Premiere Discounted Trust Account||Offshore||√||x||x||x|
|Wealth Preservation Account||Offshore||√||x||√||√|
|Inheritance Planning Account||Offshore||√||x||x||x|
|Controlled Access Account||Offshore||√||x||x||x|
To increase ‘national footprint’
Reacting to higher US rates
‘Charity lump sum death benefit’
Our weekly heads-up for advisers
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.