From time to time, Reliance Standard reviews sales trends, product designs, rates and compensation for the overall annuity industry, our competitors, and our portfolio of fixed and indexed annuity products. As we close out a strong first quarter and complete our most recent review process, we believe that the following changes to our annuity product commission rates will meet the needs of a sizeable majority of our constituencies and ensure that Reliance Standard remains a viable source for fixed and indexed annuity business. The table below provides the actual amount of the commission reduction to the age 0-75 – Apollo and age 0-80 Keystone commission rates:
Product | Commission Reduction | Apollo-MVA & Apollo-SP | 1.25% | Keystone 5 | .75% | Keystone 7 | .50% |
The commission reductions will enable Reliance Standard to offer annuity products with competitive rates in the prolonged low rate environment and maintain a balance between interest rates, index caps and compensation. The new enhanced rates and caps reflecting the commission reduction will be announced on June 2nd and will be effective for annuity contracts where funds are received on or after June 17th. Please be advised that there will be no commission rate hold for transfers when funds are received after June 16th.
We will continue to review our products in the future and make enhancements that we believe will best position them as the interest rate environment improves and/or the competitive landscape changes. For an updated Commission Schedule, please contact your agency, or email the Annuity Sales Desk: annuity.marketing@rsli.com. Please refer to your agent code when requesting a new schedule.
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