CanRetire Flexible Drawdown Plan

Canada Life is closing the PIP and FDP to new business with effect from 30th October 2019. This means that we ceased new business quotes for these products with effect from 1st October 2019. Individuals who are looking for a pension savings or a drawdown contract may purchase a Canada Life Retirement Account through their Professional Financial adviser.

Prepare for retirement, with flexible access to your savings.

Deciding on how and when to retire can often not be as straightforward as you may think. With the CanRetire Flexible Drawdown Plan (FDP) you can take your tax-free cash at the start, while keeping all your options open.

The CanRetire Flexible Drawdown Plan lets you take your tax-free cash with the flexibility to take the rest of your money from your plan either as a regular income, as one or more ad hoc withdrawals or leaving the fund untouched. Any monies that remain in the plan can remain fully invested.

A professional adviser will be able assist you in choosing the most suitable option and investment strategy for your circumstances.

  • Access your tax-free cash at the start
  • Withdraw as little or as much as you want from your savings
  • Keep the remaining savings invested for tax-efficient growth
  • Pass benefits onto beneficiaries free of Inheritance Tax.
  • Funds from a wide choice of investment managers

The value of the plan can go down as well as up and you may not get back the full amount you invested. You should speak to a professional adviser to ensure the FDP is suitable for you.

The FDP lets you take your tax-free cash at the start of the plan with access to your savings at any time. 

The FDP may be suitable if you are aged 55 or over, with at least £10,000 to invest and you are looking for flexibility in how you manage your retirement fund. 

The Flexible Drawdown Plan will not be appropriate if:

  • You have less than £10,000 to invest after you have taken your tax-free cash
  • You need to generate a guaranteed lifetime income from your pension savings
  • You are not sure what level of risk exposure you can live with
  • You do not plan to regularly review your investment choices.

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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.