Canada Life has been operating in the UK since 1903 looking after the retirement, investment and protection needs of individuals, families and companies. Canada Life in the UK is wholly owned by The Canada Life Assurance Company. Canada Life is a subsidiary of Great-West Lifeco Inc and a member of the Power Financial Corporation group of companies.
Lifetime Annuities & Scheme Pension
The lifetime annuity uses the money you have saved in your pension plan to provide you with a guaranteed, regular income for your lifetime and, if you so choose at the outset, your chosen beneficiary’s lifetime, for example your partner. The income you receive is tax-free. Lifetime annuity is for those aged 55 or over, with savings in a UK registered pension scheme. The minimum initial investment is £10,000 (after any tax-free cash has been taken).
CanRetire Fixed Term Income Plan (FTIP)
CanRetire FTIP allows you take your tax free cash up front and use the remaining funds to purchase either a guaranteed income, a guaranteed lump sum, known as a guaranteed maturity value (GMV) or a mix of both over a specified fixed period between 1 year and 20 years. You can choose to have your income paid monthly, quarterly, half-yearly or annually.
Canada Life has a large portfolio of retirement and investment products including Estate Planning, Insurance, Home Finance, Protection and Savings and Investments.
Canada Life Reviews and Ratings
Online reviews for Canada Life are generally quite negative. The company has been accused of selling investments without permission, ‘mis-keying’ a transaction in their favour by £26,000, and being unable to provide even the simplest transaction information. Customers have remarked at how they feel like they have been treated with contempt.
Trust Pilot – 2.6/5 (based on 4 reviews)
- An established company with its modern global parent organisation, Great-West Lifeco, operating with £942 billion worth of assets
- Useful online support tools such as a Budget Planner, Loan Calculator, Pension Tax Calculator and Life Expectancy Calculator
- Large product portfolio
- Award winning services
- Rated AA for Financial Strength
- Jargon busting FAQs facilitate understanding of key terms
- Negative customer reviews
- Damaging allegations that question how the company can even operate in a regulated financial services industry
- A large cluttered website with a strong international bias
Website: Canada Life