What does this mean for customers in the application process?

For customers in the application process who’ve already got a personal illustration for one of the affected products, we’ll accept applications for up to 30 days after the quote date.

What is the cut off point for quotes and applications submitted via The Retirement Account Dashboard?

Quote functionality for new customers will be turned off from Tuesday 23rd January. Applications linked to quotes requested before this date can be submitted for up to 30 days after the quote date. Functionality linked to existing customers will be unaffected.

Will you accept top ups to existing business?

Yes, top ups will continue to be available for existing customers.

Is it possible to get a requote?

If you need to get requote then please let us know and we will be able to make changes within reason. The Retirement Account Dashboard will not allow users to get a TRA requote, but you will be able to progress any existing quotes to application stage.

Have customers been contacted?

As there are no changes for existing customers, we have not contacted them with news that we’re closing to new business.

What impact does this have on Canada Life’s offshore bond business?

Our offshore bond business is unaffected by this announcement. It remains a key business priority and we’re committed to investing in our offering by improving access to key information online, modernising our processes and providing proactive updates to customers and advisers.

What’s the long term focus for Canada Life UK?

We’re focusing investment in markets where we can build on existing leadership positions and benefit from key growth opportunities, including individual annuities, home finance, group protection, bulk purchase annuities and asset management, alongside the UK offshore bond space. Our long-term priority is to modernise and build capability in our business, so we can grow and deliver strong returns, supporting customers and advisers to build financially secure and sustainable futures.

Does this update reflect a change in strategy for Canada Life?

Being part of Great-West Lifeco makes us part of one of the largest life insurance organisations in the world (as measured by market capitalisation). Our parent company continues to have full confidence in the UK business and recognises the growth potential in the UK market. We continue to receive strong credit ratings from major rating agencies and to see solid business performance. The changes we’re making will help to ensure our future growth.

Important update

Changes to our product range.

We’re making some changes to our product range to allow us to focus our resources and invest in areas where we see opportunity to better support you.

This means that we have closed these products to new business from today:*

Select Account
The Retirement Account (TRA)
Canada Life Trustee Investment Plan (TIP)

Our decision to close to new business allows us to focus resource on growing our footprint in other key areas, including offshore bonds and standalone individual annuities, where we’re placing significant investment in modernising our systems and processes. Read our update.

Our offshore bonds and standalone individual annuities aren’t affected by this update and remain a priority for us. You can learn more about our range here:

Offshore investments

Guaranteed income products

No impact for existing customers

Our existing customers won’t experience any changes to their product as a result of us closing these products to new business. We’ll continue to manage the products to deliver good outcomes for our existing customers.

We’ve always said we will compete where we can reach scale and be competitive, and it has become clear we need to take the decision to close these products, which represent less than 1% of our customer base. While we recognise this may be disappointing for some, it does mean we can focus on areas of profitable growth, where we can leverage our resource to deliver a better experience for advisers and their clients, including our market-leading UK offshore bond range.

Sean Christian MD and Executive Director for Wealth at Canada Life

* We intend to close to new business while we enter a period of consultation with impacted employees.

Frequently asked questions

We’re focusing investment in markets where we can build on existing leadership positions and benefit from key growth opportunities, including individual annuities, home finance, group protection, bulk purchase annuities and asset management, alongside the UK offshore bond space.

Our long-term priority is to modernise and build capability in our business, so we can grow and deliver strong returns, supporting customers and advisers to build financially secure and sustainable futures.
Being part of Great-West Lifeco makes us part of one of the largest life insurance organisations in the world (as measured by market capitalisation). Our parent company continues to have full confidence in the UK business and recognises the growth potential in the UK market.

We continue to receive strong credit ratings from major rating agencies and to see solid business performance. The changes we’re making will help to ensure our future growth.