The Retirement Account

Frequently Asked Questions

• Is The Retirement Account available online?

  Yes, you can apply online, create new quotes and manage existing accounts through The Retirement Account online dashboard.

  Online dashboard

  Log in to the Retirement Account dashboard to:

  • Apply online
  • Create, save and retrieve quotes
  • Track new applications
  • Set up regular and one-off pension contributions
  • Set up bespoke investment strategies
  • Use auto-rebalancing to meet portfolio goals and risk parameters
  • Select tax-free or taxable lump sum payments and regular drawdown income, including phased drawdown
  • Set up and manage model portfolios
  • Manage existing accounts

• Can my client take guaranteed income from the account?

  Yes, you can buy a guaranteed income (annuity), from the age of 55. This guaranteed income option can be used on its own, or combined with any of our pension drawdown investment funds.

  The guaranteed income option also offers potential tax advantages, not available under a conventional annuity. If income is no longer needed, it can be reinvested within the tax wrapper with no need to pay tax until the income is withdrawn.

  Income can also be increased, if it the client meets certain criteria based on factors such as lifestyle and medical history.

  When the account holder dies, the beneficiaries can control the benefits, giving them the opportunity to make sure the income is managed in the most tax-efficient way.

• What are the investment options?

  The Retirement Account gives clients access to three distinct fund ranges – Core, Governed and Extended.

  Core Range

  This range draws on the expertise of Canada Life Investments to offer a simple, low-cost, set of insured multi-asset funds. This range uses passive and active management styles to suit a variety of risk profiles. The active funds use mainly Canada Life Asset Management funds with the passives using mainly index-tracking funds from Vanguard.

  Explore our Core Range 

  Governed Range

  This range offers a broad selection of well-researched single and multi-asset insured funds from established asset managers. Asset managers range from boutiques to leading global investment houses, all selected and governed in conjunction with external specialists, Square Mile Investment Consulting and Research.

  Explore our Governed Range 

  Extended Range

  The Extended Range has been created to offer choice and exposure across all investment sectors and markets through direct access to collective investments.

  Explore our Extended Range 

   

• Who can benefit from The Retirement Account?

  The Retirement Account is only available on an advised basis and is aimed at the following customers:

  • Those with a defined contribution pension. They are approaching retirement and looking to consolidate their pension pots. This can be done at the point of retirement, as part of a phased retirement plan or in the years leading up to the time they can take their pension.
  • Those transferring their pensions. They’ve already consolidated their pension but want to change their provider. This may include transfers from a defined benefit scheme to a defined contribution scheme.

  
  The Retirement Account is not aimed at those who are only just starting to save for their retirement pot.