Canlife UK Property and Canlife UK Property Income funds closure and trade suspension

Canada Life has stopped all trading in its Canlife UK Property Life and Pension funds. This is because of Waystone Management (UK) Limited’s decision to close the WS Canlife UK Property ACS fund (the “Fund”) following FCA approval, which Canada Life’s Life and Pension funds invest in.

This means that we are now unable to accept any new investments, switches or withdrawals from the Canada Life funds noted below. Please note that we have contacted all customers and advisers who have been affected by this fund closure.

Onshore Bond funds and products impacted:

Fund Name



Canlife UK Property LS5


Select Account

Discounted Gift Trust

Canlife UK Property LS3


Flexible Investment Bond (Deferred Option)
Total Access Bond

Canlife UK Property LS4


Flexible Investment Bond (Level Option)
Select Investment Bond

Canlife UK Property LS2


Manulife Flexible Cover Plan

Pension funds and products impacted:

Fund Name



Canlife UK Property


The Retirement Account

Canlife UK Property Income


The Retirement Account

Canlife UK Property PS4


Annuity Growth Account
Trustee Investment Plan

Canlife UK Property PS5


Flexible Drawdown Plan

Pension Annuities (formerly Equitable Life)

No International funds or products are impacted.

We have answered some Frequently Asked Questions here

Waystone Management (UK) Limited have confirmed ‘The reason for terminating the Sub-fund and winding up of the Scheme is that the ACS Manager has been advised of the intention of the overwhelming majority of the unitholders in the Sub-fund of the Scheme to redeem their holdings. The Sub-fund of the Scheme currently has approximate assets under management of [£254 million]. However, following the redemptions, the assets under management will be in the region of £102 million.

Following discussions with the investment manager, Canada Life Asset Management Limited (the “Investment Manager”) in our opinion, there is no reasonable expectation of foreseeable growth as there is inadequate demand for the Sub-fund of the Scheme. Additionally, the ACS Manager considered a scheme of arrangement for the ACS however a suitable fund with a similar investment objective and policy could not be identified. The ACS Manager therefore considers that the Sub-fund of the Scheme would no longer be commercially viable.’

This means that Canada Life Asset Management and Waystone Management (UK) Limited believe that the fund will be too small to manage effectively to deliver the best outcomes for our investors.

We will continue to keep customers, advisers and stakeholders updated throughout the process to close the impacted funds. 

For more information on the wind up of the Fund, please visit Waystone Management (UK) Limited

Please also see below shareholder circular’s related to the closure of the WS Canlife UK Property ACS fund.

October 2023

November 2023