Empire Life announced Oct. 23 the launch of Class Plus 3.0, its new guaranteed withdrawal benefit product (GWB).

Compared to Empire Life’s Class Plus 2.1 GWB product, the new Class Plus 3.0 features lower fees and a more graduated increasing income payout schedule that reaches a 4 per cent lifetime withdrawal amount at age 65.

“We’re very pleased to offer Class Plus 3.0 as a way to bring Canadians one step closer to a worry-free retirement,” says Mike Stocks, Empire Life’s Vice-President and Chief Marketing Officer, Retail. “Whenever you can lower fees, it’s a good news story for consumers as this helps increase their income and build their nest egg faster.”