Canada Life transfers over £2bn annuities from Retirement Advantage

Pedro Gonçalves
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Canada Life transfers over £2bn annuities from Retirement Advantage

Canada Life is taking over Retirement Advantage's £2bn annuity book after acquiring the provider last year.

When it was bought, Retirement Advantage had over 30,000 pension and equity release customers, and more than £2bn of assets under management, including a £1.5bn block of in-force annuities. 

Retirement Advantage has re-branded it's entire product range to Canada Life after it was bought by the Canadian multinational in January last year. The move meant moving the Retirement Advantage adviser and product portals to the Canada Life website.  

Now, guaranteed annuity or flexible income annuity policies will be transferred in their entirety from Retirement Advantage to Canada Life, according to an email seen by the FT Adviser. The latest annuity transfer will encompass 26,600 policies with £2bn of assets.

Under market rules, the change has to be approved by a court.

In May 2018, five months after the acquisition, Retirement Advantage added seven Canada Life Investment funds to its drawdown product.

In June Canada Life sold 1,550 of its long standing policies from its closed UK book to Scottish Friendly.

 

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