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 23rd January 2024:*

  • 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