View more on these topics

Canada Life acquires Retirement Advantage

House-Property-Ladder-Rising-Prices-640.jpgCanada Life has announced it will buy Retirement Advantage.

Canada Life did not say how much it paid for the pension and equity release specialist, which has over £2bn in assets under management, £1.5bn of which sits in a block annuity deal.

The deal allows Canada Life to expand into offering equity release mortgages. The company said it also “reaffirms [Canada Life] commitment to the United Kingdom”.

Retirement Advantage praised the deal for providing its clients with “greater retirement protection”.

Group chief executive Craig Fazzini-Jones says: “This acquisition is a positive endorsement of the business plan we adopted following the UK pension reforms announced in 2014 that transformed our business and drove the creation of innovative retirement solutions. As we join Canada Life, we will be well positioned to build upon that success and provide greater retirement protection for our customers.”

The deal should close in the last quarter of the year.

The agreement follows a deal Legal and General struck with equity release provider Key Retirement in 2015, but does not restrict distribution to a single provider.

Under a tied distribution model, the contract allowed Key Retirement to deliver advice restricted to L&G products.



True Potential fund range pulls in £2bn

True Potential’s discretionary portfolios have attracted £2bn in the past year, with inflows up 200 per cent. The firm has announced that the 10-strong suite of funds are currently seeing daily inflows of £10m, with the range now holding £3bn in assets under management. The figures have been released as model portfolios come under the […]


Former Lloyds bosses sue for unpaid bonuses

Former Lloyds Banking Group chief executive Eric Daniels is taking the bank to court over failure to pay bonuses amounting to hundreds of thousands of pounds. Daniels is joined by former head of wholesale banking Truett Tate in High Court legal claims filed this month, according to the Times, which understands that the suit relates […]


The best and worst property fund performers

The property sector has been in the spotlight since Brexit, when redemptions led to gating of funds. Both the FCA and Bank of England have since reviewed the liquidity mismatch between funds and their underlying assets. While weaker sterling encouraged institutional money into the asset class, the UK’s snap general election led to a disappointing […]


How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. Was the primary objective of Retirement Advantage’s business plan adopted following the UK pension reforms announced in 2014 to find a rival willing to buy it out?

  2. Simon Sanderson 24th August 2017 at 3:28 pm

    Greed won in the end. MGM as it was before was a good solid company. Shame what the board did to the place. Another lost to the money men.

  3. Does this mean we’ll get loads of follow-up calls after requesting a lifetime annuity quote from Canada Life, plugging products we didn’t ask for?

  4. MGM wasn’t bad but Canada Life was probably one of the best for annuities. Great service, competitive rates, so this has to be a good thing . As interest rates increase, so the popularity of the OMO and annuities in general will no doubt enjoy a resurgence. This is therefore good planning by Canada.

Leave a comment