The Retirement Account closure: adviser support

Following a strategic review of our business and core expertise, Canada Life has taken the decision to close The Retirement Account. We’re now making arrangements for affected customers.

We understand that changes to a long-standing pension arrangement can create questions and concerns for clients and advisers. Our priority is to make the process as smooth as possible, support good customer outcomes and provide clear information about what happens next.

The closure process

The Retirement Account was designed to give clients flexibility in how they save for retirement, invest their pension and take an income. This flexibility now means that the closure is not a single, uniform process.

What happens next depends on the parts of the account each client holds, the investments and payment instructions linked to those parts, and whether the client receives Secure Income.

Use this Support Hub alongside each client’s personalised documents and the Adviser Guide to understand the journey, dates, options and actions that apply.

Understand the three client journeys

We’ve organised the closure around three client journeys, based on the parts of The Retirement Account each client holds. 

Investment Only and Blended clients were sent closure packs on 16 September 2026. Their planned transfer to the Parmenion SIPP will begin on 13 November 2026, unless Canada Life receives any required valid instruction for another option before 30 October 2026.

Secure Income Only clients will receive their closure pack separately, closer to their planned move, which is expected to take place in early 2027.

Find the adviser support you need

What you need to do now

• Identify which journey applies to each affected client
• Review the client’s closure letter, Account Summary, Customer Guide and Funds Schedule
• Use the personalised documents as the starting point for any client discussion
• Respond when Parmenion contacts the advisory firm
• Complete any required onboarding and agree to Parmenion’s Terms of Business if the firm intends to continue acting on behalf of the client
• Check the service-pause page before requesting a transaction or change
• Make sure Canada Life receives any required valid instruction before the relevant deadline if the client chooses another option

Check service pauses

Contact routes

• Contact Canada Life for questions about The Retirement Account, the closure process, transfer timing, service pauses and pre-transfer transactions.
• Contact Parmenion for adviser onboarding, Terms of Business, platform access and client linking.