Transfers, payments and ongoing instructions

The client does not have to follow the planned transfer to Parmenion. They can choose to transfer their Pension Savings, Pension Drawdown or both to another pension provider, subject to that provider confirming what it can accept.

You or your client should contact the chosen provider and ask it to start the transfer process. The provider will need to complete its application and transfer requirements before sending a valid instruction to Canada Life.

For Investment Only and Blended clients, Canada Life must receive any required valid instruction before 30 October 2026.

Where Secure Income is involved, transferring to another provider may change how the income is held, paid and taxed. Secure Income may need to be converted into a Canada Life Lifetime Annuity if the receiving provider cannot accept it in its current form.

If the client already has a transfer to another provider in progress, Canada Life will continue processing it in the usual way. 

Read the full Adviser Guide

Canada Life will stop collecting the client’s existing Direct Debits as The Retirement Account closes. Depending on the client’s contribution frequency, the final contribution may already have been collected.

Existing Direct Debits will not automatically transfer to Parmenion. If the client wants to continue making regular contributions after the planned transfer:

• A new Direct Debit must be set up after the Parmenion SIPP opens 
• Each existing Direct Debit must be set up again separately 
• A financial adviser must arrange the new instruction 

Before setting up a new Direct Debit, the adviser must have the appropriate relationship and access with Parmenion.

 If the client chooses another provider, the existing Direct Debits will not automatically transfer to that provider either. The client and adviser will need to make new contribution arrangements, subject to the provider’s requirements.

Existing regular Pension Drawdown withdrawals will continue if the client follows the planned transfer to Parmenion.

For Investment Only and Blended clients, to reduce the risk of the transfer process delaying payments:

• Withdrawals due in October 2026 will be paid on 12 October 2026 
• Withdrawals due in November 2026 will be paid on 12 November 2026

A payment may therefore arrive earlier than usual. Depending on the payment frequency, the client may not have another withdrawal due from Canada Life before the transfer. In that case, the next scheduled payment will come from Parmenion. For Secure Income Only clients, withdrawals will continue as normal.

Parmenion will confirm future payment arrangements after the SIPP has been set up. A financial adviser will be required to set up a new regular Pension Drawdown withdrawal or change an existing one after the transfer.

If the client chooses another provider, their regular withdrawals with Canada Life will stop. New arrangements will need to be made with the receiving provider.

A regular crystallisation instruction allows a client to access Pension Savings at regular intervals. Depending on the instruction, money may:

• Move into Pension Drawdown
• Be paid directly to the client
• Provide tax-free cash
• Provide taxable income
• Provide both tax-free cash and taxable income 

Existing regular crystallisation instructions will continue if the client follows the planned transfer to Parmenion.

For Investment Only and Blended clients, crystallisations due in October and November 2026 will take place on 12 October and 12 November respectively, so a crystallisation may happen earlier than usual.

Depending on its frequency, the client may not have another crystallisation due from Canada Life before the transfer. In that case, the next scheduled crystallisation will be carried out by Parmenion.

Parmenion will confirm future arrangements after the SIPP has been set up. A financial adviser will be required to set up a new regular crystallisation instruction or change an existing one after the transfer.

If the client chooses another provider, replacement arrangements will need to be made with that provider.

For Blended clients following the planned transfer, Canada Life will continue making Secure Income payments gross of any income tax into the Parmenion SIPP, where the payments will be invested until the client chooses to withdraw them.

Secure Income Only clients will follow a separate process expected to take place in early 2027. Under the planned route, Canada Life will continue making Secure Income payments gross of any income tax into a new Canada Life Drawdown account.

If Secure Income is converted into a Canada Life Lifetime Annuity, Canada Life will pay the income directly to the client and income tax will be deducted where applicable.

Buying new Secure Income after the transfer

Clients who transfer to the Parmenion SIPP will be able to buy Secure Income through Parmenion in the future. However, this option will not be available immediately after the transfer and is expected to become available in early 2027.

From the transfer date until the option becomes available, clients will not be able to use funds held in their Parmenion SIPP to buy new Secure Income. This does not affect existing Secure Income payments for Blended clients.

Parmenion will notify advisers when new Secure Income purchases become available.

View the client journeys

If the client already has a transfer to another provider, a full withdrawal or an annuity purchase in progress, Canada Life will continue processing it in the usual way. The client does not need to restart the instruction because of the planned transfer to Parmenion. Contact Canada Life if you need to check the status of an instruction or whether any further information is required.

The Account Summary and Funds Schedule show information Canada Life held at their stated dates. They may not reflect recent transactions or changes that were still in progress. The client or adviser should contact Canada Life if any account component, investment, payment instruction or adviser information appears wrong, missing or out of date.