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Boost for Canada Life annuity deal

Canada Life says it has provided quotes on almost £100m-worth of business in the first two weeks of itsnew annuity product.

The company says IFAs and personal pension policyholders have shown massive interest in its annuity growth account, which allows annuitants to take an income via a drawdown arrangement.

A key feature is the potential to defer purchase of a lifetime annuity until 85. Under current drawdown rules, a annuity must be bought by 75.

Canada Life is also offering an open market option facility for personal pension income- drawdown policyholders from July 3. This allows policyholders to extend the time they need to purchase a lifetime annuity by an extra 10 years.

Executive director (IFA division) Neil Stevens says: “We are offering people the chance to take their pension funds and find a better annuity on the open market on the best terms. The feedback from IFAs has been positive.”


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