Retirement Advantage has added seven Canada Life Investment funds to its hybrid drawdown product, The Retirement Account. Five of the active funds are risk targeted while two are risk managed, with fund charges (OCF) ranging from 0.31% to 0.61%. The move is the most visible sign to date of the growing integration of the two companies, and follows on from Canada Life’s purchase of Retirement Advantage in January.
Andrew Tully, pensions technical director, Retirement Advantage commented:
‘Advisers and their clients are looking for drawdown solutions which not only provide great value for money but also deliver good performance with a proven track record. Our expanded fund range does just that, aiming to limit the downside risk and reduce volatility. All within an innovative drawdown product that has strong fund governance, and includes the option to choose a guaranteed income.
‘The drawdown fund range has been designed to meet investment objectives while helping to protect clients from the risks associated with generating an income during the retirement journey.
‘The addition of seven Canada Life funds signals the intent for further development of our drawdown proposition, as we are committed to developing The Retirement Account into a market leading pension drawdown solution.’
The addition of these Canada Life funds are a significant enhancement to the range of funds which includes active, passive and protected options which are unique to the Retirement Account.
The value of investments may fall as well as rise and investors may not get back the amount invested.
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies.
Canada Life Limited, a wholly owned subsidiary of Great-West Lifeco, began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown to become the leading provider of competitively priced group insurance solutions. www.canadalife.co.uk.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance Limited and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.