We have rebranded Retirement Advantage products as Canada Life. Visit our Retirement Account and Home Finance pages.
Please be aware the Canada Life International offices will be closed from 5pm Friday 21st December, re-opening at 9am on Thursday 27th December. Then closed from 5pm on Friday 28th December and re-opening at 9am on Wednesday 2nd January 2019.

Lifetime Annuities & Scheme Pension

A guaranteed income for life

The CanRetire Lifetime Annuity and Scheme Pension will provide a guaranteed income for the rest of your client’s life.

These annuities can be purchased from savings accrued within a UK registered pension arrangement. The minimum purchase price is £10,000 after any Pension Commencement Lump Sum and adviser charge is paid.

The Lifetime Annuity /Scheme pension is available for clients aged 55 or over and up to age 90. If a scheme pension is requested the benefits payable must comply with the transferring scheme rules.

Income can be shaped to meet your client’s needs and a range of death benefits are available.

Depending on your client’s health / lifestyle they may qualify for an enhanced annuity.

  • A guaranteed income for life
  • Escalating income options
  • Flexible payment periods
  • The option to include a second annuitant (no longer restricted to a financial dependant)
  • Annuity protection (payable up to age 75)
  • A guarantee period from 1 month to 30 years

The value of investments can fall as well as rise.

Currently the rules do not allow a lifetime annuity or scheme pension in payment to be sold into a secondary annuity market. Once the annuity policy is in force the terms cannot be changed. When the rules change in 2017 this potentially should allow the annuitant to receive cash in exchange for the income given up and for the cash to be withdrawn or invested in a flexi-drawdown plan. It is unclear at this moment in time what rules will be enforced as a result of new legislation.

Clients have 30 days from policy issue to change their mind. Income is subject to income tax unless it is as a result of continuing payments under a guarantee period where the main annuitant has died before the age of 75 in which case the income is tax free. Lifetime annuities are covered under the Financial Services Compensation Scheme at 100% of the value of the claim.

5 star Life and Pension Financial Adviser Service Award  ILP Moneyfacts Annuity Service Award 2016 ILP Moneyfacts Service Award 2016

Interested in More? Why not Look At...

Fixed Term Income Plan

A drawdown product that can provide your clients with guaranteed income and growth


Flexible Drawdown Plan

The CanRetire Flexible Drawdown Plan (FDP) may suit clients who don't want a long-term income product, but need access to their money and want the potential for growth. Find out more.


This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.