Investments and Core Range fund changes

This page applies to Investment Only and Blended clients, as both journeys involve transferring invested Pension Savings, Pension Drawdown or both to the Parmenion SIPP.

A client’s Account Summary and Funds Schedule show the investments Canada Life held for them at the stated date. The investments that transfer may be different because of transactions requested after that date or changes made as part of closing the Core Range.

The client’s closure pack and any separate Core Range communication should be the starting point for understanding the investments they hold and the changes that apply.

How investments will be prepared and transferred

Clients may currently invest through the Canada Life Core Range, the Canada Life Extended Range, or both:

• The Core Range consists of Canada Life insured pension funds.
• The Extended Range allows clients to hold investments directly rather than through an insured fund. 

Before the planned transfer: 

• Core Range funds with one underlying investment will close, and the client will receive a direct holding in the same investment through the Extended Range. 
• Core Range funds with several underlying investments will first be simplified to hold one underlying Vanguard fund. The client will then hold that Vanguard investment directly through the Extended Range. 
• Existing Extended Range holdings and the direct holdings created through the Core Range changes will transfer in-specie to Parmenion. An in-specie transfer moves an investment holding without first selling it for cash. Individual holdings may move and settle at different times. 

The Core Range change and planned transfer are separate stages

For clients with Core Range holdings, the Core Range change and the planned transfer to Parmenion are separate stages.

The client will first begin holding the resulting investment directly through the Extended Range. That investment will later transfer in-specie to the Parmenion SIPP, together with any investments the client already holds through the Extended Range.

There will therefore be a period when the client holds the investment directly through the Extended Range before it transfers to Parmenion.

How the transfer to Parmenion will work

The transfer of assets will start on 13 November 2026. On the same date, the client’s Retirement Account will close, and the client will become a member of the Parmenion SIPP.

Canada Life aims to complete the transfer of the client’s funds and assets within 10 working days, although some holdings may take longer. Advisers will be able to track the progress of transferring holdings, subject to having the necessary access to the client’s Parmenion account.

For most clients, the Parmenion SIPP will be fully activated by 27 November 2026.

Key Dates

Service pauses and transaction restrictions

Two service pauses affect the investment changes and transfer:

• A Core Range service pause from 12 to 23 October 2026 
• A Parmenion transfer service pause from 9 to 27 November 2026 

During these periods, specified transactions or services will be unavailable. Advisers should check the service-pause page before submitting a transaction or requesting a change.

Check service pauses

Where to go next