Canada Life sells £2.7bn closed book to Scottish Friendly

Focusing attention on annuity market

Jenna Towler
clock • 2 min read

Canada Life UK is to sell 155,000 longstanding policies worth £2.7bn from its closed book of business to Scottish Friendly as it focuses on the annuity market.

The policies being offloaded have largely been closed to new business since 2003 and are made up of life and pensions savings policies, along with some protection policies all written in the UK, the firm said. The terms of the deal were not disclosed. Canada Life Investments will continue to manage a large portion of the transferred unit-linked assets. The company said the deal was subject to the "satisfactory completion of certain conditions including court sanction".            Canada Life acquired annuity and retirement income specialist Retirement Advantage in January this year...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Planning ahead of IHT changes: Using pensions to support charities

Planning ahead of IHT changes: Using pensions to support charities

Practical planning steps for advisers

Pooja Shah
clock 16 April 2026 • 5 min read
FCA to take action against Hartley Pensions and involved individual

FCA to take action against Hartley Pensions and involved individual

Entered administration in 2022

Jen Frost
clock 15 April 2026 • 2 min read
From A-day to IHT: How government forgot the meaning of 'consultation'

From A-day to IHT: How government forgot the meaning of 'consultation'

'What is particularly galling is that there were viable alternatives'

Rachel Vahey
clock 14 April 2026 • 3 min read