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Canada Life launches pension freedom products

Canada Life is set to launch three new products designed to give savers full access to their pensions following the introduction of the pension freedoms on 6 April.

The provider is offering a new personal pension, called the Pension Investment Plan, aimed at consolidating existing pensions that may not offer full flexibility to customers. Members will be able to use uncrystallised funds pension lump sums to take ad hoc withdrawals or enter drawdown.

In addition, a flexi-access drawdown plan has been launched to give access to savings “without any restrictions”.

Customers can also enter the new Fixed Term Income Plan, a fixed-term annuity which pays a guaranteed income between one and 40 years before paying a pre-determined lump sum on maturity.

Canada Life is also updating its existing annuity products, extending the guarantee period from a maximum of 10 years to 30 years.

The products are due to launch in April but details on charges and the products’ restrictions have not been published.

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