If you already have a financial adviser

If we currently hold financial adviser details for you, we have written to your adviser about the closure of The Retirement Account, so they are aware of what is happening. Your Account Summary shows the adviser details we currently hold. Please check them carefully and tell us as soon as possible if anything is wrong, no longer valid or has changed. Your adviser will need the necessary arrangements in place with Parmenion to continue acting for you after the transfer.

If you do not have a financial adviser

The planned transfer to the Parmenion SIPP can still go ahead if you do not currently have a financial adviser. But you will not be able to use all of the account’s features until you appoint one. In particular, you will need an adviser if you want to set up a new Direct Debit, change your investments, change regular withdrawals or make other changes to your account. A financial adviser can help you understand your options, review your investments, and consider your income needs and wider retirement plans. If you appoint a financial adviser before the transfer, please tell us as soon as possible so we can update our records. <a href="https://www.canadalife.co.uk/customer/help-and-support/product-support/find-a-financial-adviser/">Find a financial adviser</a>

Can you change your mind after the transfer?

You will have the right to cancel after the transfer. But because The Retirement Account is closing, you will not be able to move back to it. If you decide the Parmenion SIPP is not right for you, you can transfer your SIPP to another provider at any time without penalty, subject to the receiving provider’s requirements. If you hold Secure Income, it may need to be converted into a Canada Life Lifetime Annuity if your new provider cannot accept it in its current form. This would change how your income is paid and taxed, so we strongly recommend speaking with a financial adviser first. You can also choose another pension provider before the planned transfer. If you want to do this, we must receive a valid instruction before 30 October 2026.

The Parmenion SIPP has a different charging structure from The Retirement Account. Charges can affect how much your pension is worth and the investment returns you receive. In most cases, what you pay will be broadly similar to what you are paying with us at the time of transfer. There are two exceptions: where the value of your pension means Parmenion’s minimum Platform Custody Fee applies, and where the SIPP Fee is more than the Annual Account Charge you pay Canada Life today. The charges that apply will also depend on factors such as the investments held in your SIPP and any financial-advice service you agree with your adviser.

About Parmenion | Canada Life UK

The Parmenion SIPP is the planned onward arrangement if you hold Pension Savings, investments in Pension Drawdown, or both, within The Retirement Account. This also applies if you hold Secure Income alongside Pension Savings or investments in Pension Drawdown.

If you hold Secure Income but have no Pension Savings or investments in Pension Drawdown, a different planned route applies to you. However, you may be able to choose the Parmenion SIPP instead, with the support of a financial adviser.

Your letter and Account Summary show what you currently hold and the planned route that applies to you.

The planned transfer to the Parmenion SIPP

We plan to transfer your Retirement Account to a new Parmenion SIPP. A SIPP is a type of personal pension that can hold pension savings and investments. It also supports flexible ways of taking retirement income. Your Retirement Account is also a SIPP. This means they both have the same legal structure and follow the same tax rules.

The Parmenion SIPP is designed to help you and your financial adviser build your pension savings, manage your pension investments and take flexible retirement income, in line with your financial plan. It also provides access to your account information online, or through their app.

If you hold Secure Income, Canada Life will continue making your Secure Income payments gross of any income tax into your Parmenion SIPP after the transfer.

The Parmenion SIPP will have its own terms, investment choices and charges. Parmenion will provide more information about these in their Welcome Pack, which you will receive soon after the transfer.

If you’re comfortable with the planned transfer and your Account Summary is correct, you don’t need to contact us.

About Parmenion

Parmenion is a well-established, adviser-led investment platform that works with financial advisers and their clients. Once you’ve agreed your financial plans with your adviser, they are the people who invest your money and look after your pension.

Parmenion supports over 1,500 financial advice firms and 70,000 customers across the UK. Their platform, pension and investment services are Defaqto Gold Rated for 2026.

Canada Life is not connected to Parmenion. We selected Parmenion after assessing the market and considering a number of providers. We believe their pension, investment and retirement services can provide an appropriate ongoing home for affected customers, and we’re confident customers will be well supported.

Learn more about Parmenion

What does adviser-led mean?

Parmenion works with financial advisers rather than directly with clients when an account needs to be managed or changed. Parmenion provides the pension account, platform technology and investment services, while a financial adviser helps you make decisions and carries out relevant actions on your behalf.

Parmenion does not provide personal financial advice or tell you which option is right for you. Canada Life cannot provide financial advice either.

The planned transfer can still go ahead if you do not currently have a financial adviser. However, after the transfer, you will need an adviser to:

Set up a new Direct Debit
Change your investments
Set up or change regular pension withdrawals
Set up or change other instructions, such as regular crystallisations

You will still be able to view information about your account online. However, viewing your account is different from managing it or making changes.

If we currently hold financial adviser details for you, we have written to your adviser about the closure of The Retirement Account, so they are aware of what is happening.

Your Account Summary shows the adviser details we currently hold. Please check them carefully and tell us as soon as possible if anything is wrong, no longer valid or has changed.

Your adviser will need the necessary arrangements in place with Parmenion to continue acting for you after the transfer.
The planned transfer to the Parmenion SIPP can still go ahead if you do not currently have a financial adviser.

But you will not be able to use all of the account’s features until you appoint one. In particular, you will need an adviser if you want to set up a new Direct Debit, change your investments, change regular withdrawals or make other changes to your account.

A financial adviser can help you understand your options, review your investments, and consider your income needs and wider retirement plans.

If you appoint a financial adviser before the transfer, please tell us as soon as possible so we can update our records.

Find a financial adviser

What happens after the transfer?

A new Parmenion SIPP will be set up for you, and your investments and funds will begin transferring to it on 13 November 2026. We aim to complete the transfer in 10 working days, but for a small number of customers, it may take longer. We’ll be in touch if this happens.

Once the transfer has completed, Parmenion will send you a Welcome Pack. The Welcome Pack will explain how to access information about your account, enclose Parmenion’s Terms & Conditions and the SIPP Trust Deed and Rules, the charges that apply, and where to go if you need support.

Parmenion’s app and online portal will allow you to view information about your pension, investments and account activity. If you receive regular pension withdrawals or have regular crystallisation instructions, Parmenion will confirm your future arrangements.

You will have the right to cancel after the transfer. But because The Retirement Account is closing, you will not be able to move back to it.

If you decide the Parmenion SIPP is not right for you, you can transfer your SIPP to another provider at any time without penalty, subject to the receiving provider’s requirements.

If you hold Secure Income, it may need to be converted into a Canada Life Lifetime Annuity if your new provider cannot accept it in its current form. This would change how your income is paid and taxed, so we strongly recommend speaking with a financial adviser first.

You can also choose another pension provider before the planned transfer. If you want to do this, we must receive a valid instruction before 30 October 2026.
The Parmenion SIPP has a different charging structure from The Retirement Account. Charges can affect how much your pension is worth and the investment returns you receive.

In most cases, what you pay will be broadly similar to what you are paying with us at the time of transfer. There are two exceptions: where the value of your pension means Parmenion’s minimum Platform Custody Fee applies, and where the SIPP Fee is more than the Annual Account Charge you pay Canada Life today.

The charges that apply will also depend on factors such as the investments held in your SIPP and any financial-advice service you agree with your adviser.

About Parmenion

The planned transfer to the Parmenion SIPP

About Parmenion

What does adviser-led mean?

What happens after the transfer?

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