Retirement Advantage re-brands to Canada Life

Retirement Advantage re-brands to Canada Life

Retirement Advantage has re-branded it’s entire product range to Canada Life after it was bought by the Canadian multinational in January.

The move means the Retirement Advantage adviser and product portals will move to the Canada Life website.  

All Retirement Advantage’s products will continue under the Canada Life brand with its equity release product becoming Canada Life home finance.

It will allow Canada Life to develop its own combined product range and expand into the wealth management, annuity and protection markets while delivering retirement income solutions.

Doug Brown, chief executive and executive vice-president of Canada Life UK, said: "Since combining Canada Life and Retirement Advantage at the beginning of 2018, we have made excellent progress on our objective to integrate our skills and experience and become a leader in the broader retirement income market.

"We have ambitious plans which build on our heritage and strengths across wealth management, protection, retirement income and annuities and we will be launching innovative products and services which meet the evolving needs of intermediaries and their customers."

Canada Life’s acquisition of Retirement Advantage was reported to have added more than 30,000 pension and equity release customers to the company as well as approximately £2bn of assets under management and a £1.5bn annuity book.

In May 2018, five months after the acquisition, Retirement Advantage added seven Canada Life Investment funds to its drawdown product.

In June Canada Life sold 1,550 of its long standing policies from its closed UK book to Scottish Friendly.

The sale was reported to have amounted to £2.7bn in assets and is expected to transfer in late 2019.