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Axa Sun Life rethinks whole product range

Axa Sun Life is revamping its entire product range in its first major drive into the IFA market since the £690m Axa Equity & Law merger with Sun Life.

The two companies merged last July. Axa will become the direct arm and Sun Life was relaunched last week as the IFA arm.

The new IFA product range is based on existing products available from both companies.

The move comes after an uncertain period at the life office. Last month, it admitted that there were staff morale problems at Axa&#39s High Wycombe head office, which is set for closure.

The IFA arm has also redesigned its group personal pension and Multiplan life products.

The GPP will include a lifestyle option which will allow future fund switching to be pre-planned. Lifestyle options provide security against volatility as an investor approaches retirement. The lifestyle option is also available under Axa Sun Life&#39s small self-administered scheme but not its trustee investment plan or private pension fund.

The new IFA-only SSAS offers a capital unit contract, a reduced initial allocation contract and a contract with no front-end charge.

The Multiplan and Lifecare plans offer higher life and critical-illness cover. Axa Sun Life is also planning to launch a new range of annuities at the end of the month.

Chief executive Les Owen says: "Our new IFA channel will be a formidable force in the market as it combines the skills, strengths and expertise of two powerful companies. It is encouraging that we have been able to complete this part of the merger on time."

Axa Sun Life will offer a new product range through its direct arm in April.

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