Equitable Life has reached an agreement to transfer 31,000 annuities, valued at around £875m ($1.35m, 1.2m) , to Canada Life in a bid to release capital for distribution to its long-suffering with-profits policy holders.
Canada Life Group is to purchase Legal & General International to complement its existing offshore businesses in both the Isle of Man and Dublin.
This year’s Autumn Statement delivered a number of headline-grabbing tax savings for people in the UK.
Next years pension reforms have led UK clients to prioritise the importance of their retirement planning, says Canada Life.
Investing offshore is attractive for many reasons but the potential risks involved must be managed effectively by providers, says Neil Jones, project manager at Canada Life International
The UK Governments continued aggressive stance towards tax avoidance and the blurring of its distinction between avoidance and evasion has raised concerns that more mainstream legitimate tax mitigation tools could come under increased scrutiny.
Canada Life International has unveiled plans for its new purpose-built corporate headquarters at Ballacottier Business Park on the outskirts of the Isle of Man’s capital Douglas.
Sean Christian, managing director of Canada Life International, explains how the company launched its Dublin-based solution to maintain a clear strategic focus on the core UK market.
Canada Life International has brought on board long-standing Friends Provident International director Jonathan Hall as a heavy hitter to deal with significant regulatory change in coming years.
Isle of Man-based Canada Life International grew its offshore bond sales by 7.5% in 2013.
Canada Life International Assurance‚ the life operation set up last year by parent company Great West Lifeco in the jurisdiction of Dublin‚ has launched an estate planning product which offers open architecture using an offshore bond structured with a high number of yearly maturing policies.
An offshore bond launched by Axa Wealth International in September last year has been criticised by competitors, drawing claims it risks leaving clients open to a 15% deemed gain charge and could damage the wider offshore bond industry.
