Changes to purchase fee options on certain Empire Life segregated fund contracts.

To align with upcoming regulatory changes, the low load (LL) and deferred sales charge (DSC) purchase fee options will be closed to additional deposits in most segregated fund contracts effective on or about May 29, 2023. These changes will apply to all Empire Life segregated fund contracts, with the exception of the Elite and Concordia Investment Funds contracts (where DSC is the only available purchase option).

These changes are mandatory and in accordance with the Canadian Council of Insurance Regulators and Canadian Insurance Services Regulatory Organizations’ announcement in early 2022. The changes are not specific to Empire Life, and the entire Canadian segregated fund industry will also be affected by these changes.

Impact on pre-authorized deposits:

• If your clients have existing Pre-Authorized Deposits (PADs) into a LL or DSC fund, these will be automatically switched to the front-end load (FE) option of the same fund in the same guarantee fund class as of May 23, 2023. The FE rate will be set to 0%.
• If your clients would like to change to another purchase fee option (where available), they will need to submit written instructions (see PAD change form below).

Impact on other deposits:

• Effective May 29th, 2023, no additional deposits into the DSC and LL purchase options will be accepted into most segregated fund contracts. 
• All required documentation and funds for deposits into DSC and LL purchase options must be received by 
  4:00 pm EST on May 26, 2023. 

For more details, review the Advisor FAQ. Client statement letter samples and other material will be added to this page once available. 

Advisor resources

• Advisor FAQ 
• Information Circulalar 
• Investment change request form