Understand your client’s journey

Your client’s journey depends on the parts of The Retirement Account they hold. Their letter and Account Summary will confirm what they hold and the journey that applies.

For Investment Only and Blended clients, Canada Life sent a closure pack on 16 September 2026. This consists of a personalised letter, Account Summary, Customer Guide and Funds Schedule. These documents should be the starting point for any client-specific discussion.

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

The three client journeys

Investment Only and Blended clients are planned to transfer to the Parmenion SIPP on 13 November 2026. On this date, the client’s Retirement Account will close, and the client will become a member of the Parmenion SIPP. Secure Income Only clients will follow a separate process expected to take place in early 2027.

If the client wants to choose another option

Your client doesn’t have to follow the planned route. The other options available will depend on their journey, the benefits they hold, their circumstances and what another provider can accept.

For Investment Only and Blended clients, Canada Life must receive any required valid instruction before 30 October 2026 if the client chooses another option.

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

The client’s closure letter, Account Summary and Customer Guide should be used to confirm their position. The Adviser Guide explains the options and considerations for each journey in more detail.

What happens if the client does not choose another option?

You or your client don’t need to contact Canada Life to accept the planned route. If Canada Life does not receive any required valid instruction for another option before the relevant deadline, the route for your client’s journey will proceed:

• Investment Only: The planned transfer to the Parmenion SIPP will proceed.
• Blended: The planned transfer to the Parmenion SIPP will proceed, and Canada Life will continue making Secure Income payments gross of any income tax into the Parmenion SIPP.
• Secure Income Only: The planned move to a new Canada Life Drawdown account will proceed through a separate process expected in early 2027.

For Investment Only and Blended clients, Canada Life must receive any required valid instruction for another option before 30 October 2026. If we don’t receive an instruction before this date, the planned transfer will begin on 13 November 2026.

From this date, the client’s Retirement Account will close, and they will become a member of the Parmenion SIPP. The client will be treated as:

• Agreeing to the transfer in accordance with The Retirement Account Terms and Conditions 
• Accepting Parmenion’s Terms & Conditions 
• Accepting the Parmenion SIPP Trust Deed and Rules 
• Confirming that they are a retail investor
• Confirming their country of residence 
• Confirming that they are resident in the UK for tax purposes 
  
  

The Secure Income Only closure communications will confirm the dates and any action required for that separate process.

Where to go next