Canada Life has added to its Retirement Account a range of 14 pension funds managed by wealth manager Brewin Dolphin.

Canada Life believes it 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 comprise seven active and seven passive funds, risk-adjusted for different risk profiles.

The funds are available via the Canada Life Retirement Account, a pensions saving and drawdown product which offers a guaranteed income.

The funds can also be mixed and matched with other funds from Canada Life’s Retirement Account range.

Canada Life says the funds offer clients a number of benefits over typical DFM arrangements, including   100% FSCS cover on insured funds, blending of funds, and the ability to target a specific fund or funds for withdrawals or fees.

The funds should mean a lower reporting burden for advisers, says Canada Life. With the insured funds solution there is no MiFID DFM reporting and reduced adviser reporting as the client is invested in one fund (or several funds) rather than a DFM portfolio of numerous assets.