Transfer of MGM Advantage Life Limited’s UK pension, savings and retirement policies to Canada Life Limited

What is happening?

In October 2018, we rebranded "Retirement Advantage" (the trading name of MGM Advantage Life Limited) as "Canada Life" and announced our intention to transfer the legal ownership of all insurance policies written by MGM Advantage Life Limited to Canada Life Limited.

Subject to a review by an Independent Expert, consultation with our regulators and approval from the High Court in accordance with the terms of the Scheme, these policies will be transferred to Canada Life Limited on 31 December 2019.

This legal process to transfer insurance business from one insurance company to another is known as a Part VII transfer.

Information on the proposed transfer

An Independent Expert, Mr Nick Dumbreck, a partner at Milliman LLP, one of the world’s largest independent actuarial and consulting firms, was approved by the Prudential Regulation Authority to report on the terms of the transfer and the likely effects on all policyholders, including whether they are being treated fairly. The Independent Expert provides his conclusions in the Independent Expert’s Report which will be considered by the High Court prior to sanctioning the transfer.

The Independent Expert has currently prepared two documents:

  • The Full report has details of the effects of the transfer on all MGM Advantage Life Limited’s policyholders and Canada Life Limited’s policyholders and how each conclusion has been reached.
  • The Summary of the report provides an overview of the transfer and sets out the Independent Expert’s conclusions on the effect of the transfer on policyholders. It's been created to give policyholders a good understanding of the terms of the Scheme and the consequences for their policies.

You can find the Independent Expert’s full report and summary of the report in the ‘Important Documents’ section below. The Independent Expert will publish a supplemental report before the final court hearing (Sanctions Hearing), which is expected to take place on 12 December 2019.

The Chief Actuaries of MGM Advantage Life Limited and Canada Life Limited have also prepared reports on the effect of the transfer and their reports are included in the ‘Important Documents’ section below.

Further supplementary reports from the Chief Actuaries will be made available prior to the Sanctions Hearing. These documents will outline any changes since the first reports outlined above.

The Scheme Document is the legal document that sets out the terms of the transfer. You can find a copy of the Full Scheme and a Summary of the Scheme in the ‘Important Documents’ section below.

Important Documents

Contact Us

If you have any questions, you can contact us:

By phone: 0800 032 7691 (or from overseas +44 1903 894153)
By email: transfer@canadalife.co.uk
By letter: Canada Life, Part VII Transfer, PO Box 4993, Worthing, BN99 4AE

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 and the Prudential Regulation Authority.