Canada Life has closed its onshore bond and personal pension operations with immediate effect with its wealth division’s focus now shifted to offshore bond products.
The provider said the closed products represented about 1% of its customer base and it remained committed to the UK market where it "can operate at scale and be competitive". The Select Account and The Retirement Account have closed to new business from today (23 January). It added that would now enter a period of consultation with impacted employees. The onshore bond had about 17,000 customers, while personal pension garnered 5,000 customers since launch in 2015. It explained half of the customers using The Retirement Account were using it as a flexible annuity only. The business ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
