As part of its effort to move to one brand, Canada Life announced this morning that it is moving a selection of its segregated funds from three companies into one single shelf of segregated funds under the Canada Life name.
Existing Great-West Life, London Life and Canada Life customers may continue to make contributions and switch between funds, but any funds that are not included in the new lineup will be soft-capped to new business, effective immediately.
“We are taking the best of the best segregated funds from Great-West Life, London Life and Canada Life to create a new, stronger Canada Life shelf that provides solutions designed to perform across a full market cycle,” says Canada Life executive vice president, Paul Orlander.
The new offering of 75 funds will include 36 funds that are currently sold by all three companies, 12 funds from Canada Life, 16 fund mandates that were unique to Great-West Life and London Life and 11 of the company’s Pathway funds.
No new Great-West Life of London Life policies will be issued as of January 1, 2020. The company says those with existing policies will still be able to make contributions, switch between funds and set up pre-authorized contributions.
