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Canada Life proudly supports Pension Awareness Week

Canada Life is promoting the power of financial advice as part of its support for Pension Awareness Week.

In an online show to be livestreamed at 10am on Friday the 15th of September, Canada Life has teamed up with NextWealth to talk about the benefits of seeking financial advice when it comes to planning for retirement. The talk will also cover important practicalities such as how consumers can find the right adviser.

Canada Life hopes this will lead to a better and more open conversations about the role of financial advice, and its significant value, in an ever more complex world of changing rules and regulations.

This comes as new research from Canada Life reveals that 71% UK adults yet to retire have not spoken to a financial adviser about their retirement plans, but around one in two UK adults (49%) would consider this in the future. The main areas that could trigger the pursuit of advice include buying a property (16%), saving or investing money (14%), retirement (14%), a death in the family (11%) and starting a family (10%).1  

Featuring on the show, Shelley Greenwood, Head of Investment Proposition, Wealth at Canada Life comments:

“As an industry we know the importance and value of seeking financial advice, but often customers try to navigate the complex world of savings, investing and pensions through a DIY approach that may not be in their best interests. Life events can often trigger key decisions around money and finance, and our research reveals many people prefer to make these choices without advice.2 This can be through a perceived lack of trust, people thinking advice is expensive, or just from a lack of confidence in knowing how to find the right adviser.

“Which is why we are hoping to dispel some of the myths around financial advice, to support consumers to better understand their personal needs and meet their objectives, through the participation in Pension Awareness Week.”

Also featuring on the show, Emma Napier, Consulting Director, NextWealth comments:

“It can be a daunting time for those approaching or reaching retirement. Aside from the practical and emotional aspects, everyone’s financial circumstances are individual to them, which means sourcing the right information or relevant guidance can sometimes feel like a minefield.

“It is our duty as an industry to share the ways financial advice can help make the journey into and through retirement easier and jargon-free. Which is why I’m really pleased to be working with Canada Life this Pensions Awareness Week – together we are promoting the value and power of financial advice and as such, helping to empower more people to get invested in their financial future.”

 

ENDS

Enquiries:

Press enquiries should be directed to:

Elle McAtamney at Canada Life, elle.mcatamney@canadalife.co.uk

Notes to editors:

  1. The research was commissioned by Canada Life and conducted by Opinium, with a nationally representative sample of 2000 UK adults, between 22nd and 25th August 2023.
  2. 46% of UK adults yet to retire said that they wouldn’t consider financial advice for any life event.

About Canada Life:

Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies.  Great-West Lifeco has over 38 million customers worldwide and £1.532trillion assets under administration (as at 31 December 2022).

Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown to become the leading provider of competitively priced group insurance solutions. Canada Life acquired Retirement Advantage on 3rd January 2018 for an undisclosed sum. The acquisition added over 30,000 retirement income and equity release customers and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities to Canada Life.

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

www.canadalife.co.uk