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Canada Life announces agreement to acquire Retirement Advantage

Canada Life has announced to markets an agreement to acquire Retirement Advantage, a move that will further strengthen and broaden their position in the UK market particularly in annuities, income drawdown and equity release.

This acquisition is a positive endorsement of the business plan we adopted following the pension reforms announced in 2014. This strategy transformed our business and drove the creation of market leading retirement solutions with the successful launch of the Retirement Account and a growing range of equity release products. This deal will provide greater protection for our customers as part of a much bigger group.

Who is Canada Life? 

Canada Life began operations in the United Kingdom in 1903 and offers protection, life cover, critical illness cover, and whole of life cover for groups and individuals; and retirement income planning, annuities, pension bonds, savings and investments, investment bonds, inheritance tax planning, and offshore investments. Canada Life is part of a group of companies owned by Great-West Lifeco Inc. Great-West Lifeco has operations in Canada, the United States, Europe and Asia through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have over C$1.3 trillion in consolidated assets under administration as of June 30, 2017.

Although this is a very exciting time for Retirement Advantage, right now, it is very much business as usual. There are no changes to your product terms or conditions, and we will of course continue to provide you with the same level of support.

The deal is subject to regulatory approval, which is expected to take 3-6 months.

Retirement Advantage

Most of us only retire once and have no previous experience to draw on - yet the money we have built up in pensions, and increasingly property, can be more than we’ve ever accumulated before.

That’s why it’s so important to make the right decisions.

Whether you’re approaching retirement or already retired, we can help. As a company that specialises in retirement, we believe we know the needs of our customers better, so our products and services are designed to be simple, secure and flexible.

Retirement Income  

You have even more choice and flexibility about what happens to your pension pot than ever before. At Retirement Advantage we offer a full range of retirement income products, to suit your retirement needs. 

Based on the needs of our customers, The Retirement Account is designed to help you make the most of your pension freedoms. Combining a Guaranteed Annuity, Pension Drawdown and Pension Savings into one simple account. 

We also have our Guaranteed Annuity which will pay you a guaranteed income throughout retirement that can never fall. The income paid takes account of an individual’s demographic, lifestyle and medical situation.

 Find out more about our products

Equity Release

Put simply, equity release is a way of releasing some of the money built up in your home, without having to move house. How much money you can release depends on your age, how much your home is worth and how much you choose to borrow.

There are two different types of regulated equity release plans – ‘Lifetime Mortgages’ and ‘Home Reversions’. At Retirement Advantage we only offer Lifetime Mortgages.

Our range of products allow you to tailor how you release cash from your home. What's more, the money released is tax-free and can be spent on whatever you choose.

Find out more about our lifetime mortgages  

Planning for retirement?

Our Retirement Planning help and guidance section has everything you need to help you plan for your future.

Visit our Retirement Planning hub