Saving for retirement
Find out how a pension can help you.
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Retirement
Helping you plan for a better future
Our simple, secure and flexible pension plans and annuities can help you make the make the most of your retirement. Whether you’re looking to combine your pensions, make regular or one-off contributions, build up retirement savings or take retirement benefits, we can tailor our solutions to your needs.
Introducing the Retirement Account Customer Dashboard
A Customer Dashboard that allows you to view your account valuation, fund choices, payments in and out and important documents relating to your account.
Learn moreProducts we offer
The Retirement Account
A flexible pension for your changing needs
- Combine your pension pots
- Choose from a wide range of funds
- Get regular income or a lump sum
- Provide for your family when you die
Lifetime Annuities & Scheme Pensions
A secure, regular income for life
- Receive guaranteed income for life
- Option to increase your income
- A range of death benefits available
- Access your tax-free cash
Fixed Term Income Plan
Plan ahead with confidence
- Fixed regular income for 1-20 years
- Receive a guaranteed maturity value
- Death benefit for beneficiaries
- Review your needs when the term ends
Trustee Investment Plan
An Investment plan for pension scheme trustees
- A wide range of investments
- Phase investments over time
- Make single or regular payments
- Flexible withdrawal choices
Purchased Life Annuity
A tax-efficient income for life or a specified term
- Guaranteed income options
- No tax on capital element of income
- Optional death benefits payment
- Choose your income frequency
How pensions work
Compare retirement products
| Investment accounts | The Retirement Account* | Lifetime Annuity | Fixed Term Income Plan* |
| Guaranteed income for life | Yes | Yes | No |
| Option to increase income (based on medical history and lifestyle) |
Yes | Yes | No |
| Adjust income at any time | Yes | No | No |
| Make regular and single contributions | Yes | No | No |
| Pass money to beneficiaries when you die | Yes | Yes | Yes |
| Inflation protection available | Yes | Yes | Yes |
| Potential for fund growth (could also fall in value) |
Yes | No | No |
| Investment funds available | Yes 1500+ | No | No |
| Access your money anytime | Yes | No | No |
| Product term | For life (no term) |
For life (no term) |
1 to 20 years |
| Is there a Guaranteed Maturity value? | N/A | N/A | Yes |
*The Money Purchase Annual Allowance (MPAA) is the maximum amount you can pay into your defined contribution pension savings in one year, and still get tax relief. The MPAA is triggered if taxable income is paid to you directly from The Retirement Account and Fixed Term Income Plan due to their flexi-access drawdown status.
Why choose Canada Life?
![Drawdown Image 1152X1152[1]](/media/vslbr0l5/drawdown-image_1152x1152-1.jpg?anchor=center&mode=crop&width=760&height=712&rnd=132428395791470000)
Preparing for your drawdown review
A free guide to help you prepare for a drawdown review with your financial adviser
Learn moreLearn more about retirement
Next steps
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Get a tailored quote for our products from a financial adviser. To find one, visit Unbiased.
Customer support
Find answers to commonly asked questions, helpful links, tools and contact details.
Get in touch
Call customer services
0345 606 0708
01707 651 122
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