Canada Life UK

Canada Life UK: investment, pensions and protection in the UK

Canada Life UK is an insurance company and financial product manager operating in the United Kingdom. Its activity is structured around five main areas: investments, pensions, home finance, estate planning and group protection. The company serves both individual clients and independent financial advisers, and markets its products mainly through the latter.

UK and international investments

In the field of investment, Canada Life UK offers UK and international options. Its products include investment bonds and portfolio management accounts, such as the Premiere and Premiere Europe accounts, the Delta Account, the Offshore Savings Account and the Prestige accounts. The company has offices in Ireland and the Isle of Man for the management of these international products. It also has a range of funds and investment options that includes insured life funds, an open architecture offering, cash deposits, investment platforms and discretionary fund management services, as well as the Segregated Portfolio Service.

Pensions and retirement planning

Canada Life UK's pension offering covers flexible plans and annuity products. These include guaranteed annuities, lifetime annuities and scheme pensions, fixed term income plans and purchased life annuities. For corporate clients, the company offers bulk annuities and liability purchase transactions (bulk annuities). It also markets the Flexible Income Annuity and The Retirement Account, and has two fund ranges: The Core Range and The Extended Range. For existing clients, it manages defined benefit pensions and offers tools such as the pension tax calculator and the life expectancy calculator.

Home finance: lifetime mortgages and buy-to-let

In the area of home finance, Canada Life UK markets lifetime mortgages and buy-to-let mortgages. Lifetime mortgages allow tax-free cash to be released from the value of the home without having to sell it or move. The range includes Advantage Options, Capital Select Options, Lifestyle Select Options and Second Home Options. In the buy-to-let segment, it offers products such as Over 55 Buy-to-Let and Voluntary Select Option. The company also provides virtual health and wellbeing services through WeCare.

Estate planning and trusts

Canada Life UK offers a range of tax-efficient trusts for the transfer of wealth. These include the Wealth Preservation Account, the Gift Trust, the Gift and Loan Trust, the Excluded Property Trusts, the Probate Trust, the Controlled Access Account and the Discounted Gift Trust. The company also offers a professional trustee service and inheritance tax planning advice. To this end, it has products such as the CanProtect Whole of Life Plan and the Flexible Life Plan, as well as investment options for trusts that include insured life funds, an open investment range, investment platforms and the Segregated Portfolio Service. The company has published a webinar on the impact of changes in tax policy and increased scrutiny of inheritance tax.

Group protection for companies

In the field of group protection, Canada Life UK offers insurance and protection plans for employees, with the aim of helping companies attract, retain and support their staff. Its range includes Group Life Insurance, Group Income Protection and Group Critical Illness, as well as CLASS Flexible Benefits and trust options. The company complements these products with support services such as WeCare, myStrength, a wellbeing calendar, bereavement counselling, an early intervention service, critical illness care and a probate helpline.

News and recent operations

The company publishes news and reports on its activity. Recent milestones include a £52 million buy-in transaction for a pension plan in the metalworking sector, which secured the benefits of 300 pensioners and 130 deferred members; a £400 million buy-in with the Samworth Brothers Limited Superannuation Scheme, covering more than 3,000 pensioners and 4,000 deferred members in the food industry; and a £48 million buy-in with a plan in the oil and gas sector that secured the benefits of more than 500 pensioners and deferred members. The company has also announced the appointment of Mark Fenlon as Director of Bulk Annuity Operations and Dominic Moret as Managing Director of the same area, subject to regulatory approval. In the lifetime mortgage segment, Canada Life UK has noted that its Advantage product attracts a younger borrower profile than its traditional lifetime mortgage products. The company has also reported a 123% increase in sales of its Fixed Term Income Plan in the first half of 2026 compared with the same period in 2025. In addition, it has proposed the transfer of some of its products from Canada Life Limited to Countrywide Assured plc.