Who CanRetire?
An adviser’s guide to who our flexible
CanRetire range can help – and how
So what is this guide for?
At Canada Life, we believe that helping customers to retire
doesn’t have to be a long, complicated and expensive process.
And that’s why so many people come to us.
We’re 100% committed to helping
you help more clients to retire with
confidence. This is a quick guide
to help you identify some of the
different retirement needs and show
some of the solutions we offer.
There are typically four main scenarios
people face in retirement. And we have
solutions for each. Our solutions are also
right for other scenarios too.
Our CanRetire range
of retirement options
Our CanRetire range is designed to help
any of the people in these situations feel
empowered about their retirement choices.
It gives them the flexibility to mix, match
and blend the options to suit their needs.
Whether they’d like to consolidate multiple
pension pots, take their pension as an
income, a lump sum or even both, they
can. This guide can help enable you to
deliver a personal and efficient service to
them, and point out the choices available.
The best thing about our range
is that it could work for everyone
No matter who your clients are or how they want to retire, we’ve got a range
of flexible options they can mix, match or blend to suit their needs.
Does your client want
to top up their income
and see it grow?
Do they want a variable
income or a cash
lump sum?
Does your client want
certainty from their income?
Do they want
to save?
She can top up
her income
So how can you spot her?
Meet Sue. She’s a prime example of a typical income
topper-upper. She’s aged 55+ and probably has around
£50,000 saved in her pension pot. Ideally, she’d like to
draw an income, whilst leaving some of her money invested.
What’s her situation?
She might have dependants to support, so she probably
wants to carry on working to keep an income coming in. Her
main focus is to keep up the day-to-day living standards for
herself and her family. Sue understands her circumstances
could change at any minute, so probably likes to stay fully
informed on financial matters, as well as getting regular
reassurance and advice from someone she can trust.
What’s a suitable
retirement product?
Well, since April 2015 she no longer has to buy an annuity
so has the freedom to choose from what’s available. She could
try something like the CanRetire Fixed Term Income Plan.
It provides a guaranteed monthly income to top up her wages
for a fixed amount of time, and also allows her to keep her money
invested. After the fixed term ends, she will receive a guaranteed
lump sum, the ‘Guaranteed Maturity Value’. While the term
and income are set, her needs are still reviewed, allowing her
to change to a different product if needed, and at the end
of the term she can review her options.
Other products she
might find useful
Either the CanRetire Flexible Drawdown Plan so she can
take the money she needs when she needs it; 25% can be
taken as a tax-free lump sum before making any withdrawals
and leave the rest invested to enjoy any potential growth.
Or she could also use the CanRetire Pension Investment
Plan, which would give her a simple way to save as much
or as little as she wants and access her savings when she
needs to.
“I plan to continue
working part-time
and need my pension
to top up my income”
Sue
They can take cash
So how can you spot them?
Meet the Tolworth Swimming Club. Typically around 55+ they
want to draw part of their pension in lump sums whilst leaving
the rest invested. They’ll have about £50,000 saved in their
pension pots and probably have a pretty clear idea of how
they’d like to spend it.
What’s their situation?
They’re reasonably financially savvy so will know about the
new pension freedoms and will be keen to make the most of
them. They just might need some advice on how best to do
this; by finding out more about things like the tax implications
of taking lump sums out, for example. They are confident,
independent decision-makers. Yet from time to time, they
might overlook or not know about some key information or
insights that could help them.
“I am retiring in full.
I don’t want to be
tied into a long-term
income product and
I do want my money
to keep growing”
Rachel from the Tolworth Swimming Club
What’s a suitable
retirement product?
They need something fairly flexible. That’s why an income
product would suit them well. However, ideally they’d have
one they feel would put them in control. Something like the
CanRetire Flexible Drawdown Plan might be a good option,
so they can take the money they need when they need it, yet
leave the rest invested to give it the best opportunity to grow.
Other products they
might find useful
The CanRetire Fixed Term Income Plan might also be a
good solution as it provides a regular income each month. They
could also try the CanRetire Pension Investment Plan. It’s
a simple way to save as much or as little as they might need.
He can be sure
So how can you spot him?
Meet Nigel. He’s the type of client who is 55+ and wants
to be certain he can take out a risk-free product; one he can
rely on to deliver a regular income for the rest of his life.
What’s his situation?
He knows who he is and where he is going. His retirement
plans are big, so he wants to make sure he has concrete,
reliable finances in place to support them. He needs a
regular income stream too, and has dependants to think
about, so probably wants to have a frank conversation about
how best to pass his wealth on to them. Plus, despite his
dynamic approach to life, he is a traditionalist and favours
good, old-fashioned communications and regular assurances
that his money is safe.
“I am retiring completely
so want to be certain
I have a guaranteed
income. After all,
I have big plans!”
Nigel
What’s a suitable
retirement product?
A CanRetire Lifetime Annuity might suit a client like Nigel
well. It provides a guaranteed income for life, no ifs or buts.
He can get regular updates to stay in control and keep his
dependants up-to-date about his finances too.
Other products he
might find useful
With the CanRetire Fixed Term Income Plan Nigel can
enjoy a guaranteed monthly income for a fixed amount
of time, whilst keeping his money invested, and receive a
guaranteed lump sum at the end of the term. By deferring
taking his lifetime income now, he could also qualify for
a greater income when he is older, potentially with an
enhanced annuity.
They can save
So how can you spot them?
Meet Jimmy and Jess. They represent your younger
clients in the 25 to 45-year-old bracket. They know
they need to save for retirement and probably have
a work pension already. However, convincing them
of the benefits of long-term saving in anything other
than their work pensions won’t be easy as they’ve
always got other priorities.
What’s their situation?
This group is likely to be liberal in their views and
probably won’t be comfortable committing to a long-term
plan. It might help to show them retirement products with
real value, flexibility and the chance to save in smaller
sums. Especially as it’s unlikely that a work pension
alone will provide the income they’ll need when they’re
older. On top of that, they might inherit wealth at some
point in the future, so building long-term relationships
with them and letting them know they can count on
you if they need to, could help ensure they’ve got
someone to turn to in years to come.
What’s a suitable
retirement product?
A CanRetire Pension Investment Plan
might be a great solution for these clients.
It’s a simple way to save either a little
or a lot, depending on their changing
circumstances, allowing those with
a number of pots to consolidate into
one plan. It’s also easy to change the
contribution amounts at their convenience
and add in ad hoc contributions like
bonuses. The main thing is to encourage
them to make a start – however small – to
get them on track for later.
“I have lots of other
financial priorities, but
I do realise that saving
for my future is important.
It just has to be
affordable”
Jimmy
Working with us
A level of support to give you and your clients
real confidence
At Canada Life we understand how important it is to be here for you
and your clients – at every turn. Our job is to make the process of
advising your clients as easy as possible. That’s why we’re proud of
our reputation for providing high standards of service across all parts
of our business.
For more information please refer to our client and adviser guides
available from canretire.co.uk
Getting in touch
If you have any questions or would like copies of our client and
adviser guides, contact our specialist Customer Services team:
08456 060708
customer.services@canadalife.co.uk
www.canadalife.co.uk
Customer Services Team
Canada Life Limited, Canada Life Place, Potters Bar, Herts EN6 5BA
Canada Life Limited, registered in England no. 973271.
Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.
Member of the Association of British Insurers.
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
Insurance and Pensions Authority. Canada Life International Assurance Limited is authorised and
regulated by the Central Bank of Ireland.
ID 7218 – 915R