The new retirement products are: The Pension Investment Plan, enabling users to consolidate multiple pension plans into one; The Flexible Drawdown Plan, arising from the imminent pension changes, through which savers will be able to access their pot without restrictions; The Fixed Term Income Plan, which sits between a conventional annuity and drawdown, and offers a guaranteed income for a selected term between one and 40 years.

Canada Life has also revamped its annuity product offering to fit the more relaxed rules coming into force in April. The updates include an extension of the maximum guarantee period from 10 to 30 years.

Worth noting alongside the legitimate firms, such as Canada Life, that are refocusing their retirement planning services in response to the reforms is the threat of opportunistic fraud. The Financial Conduct Authority has recently urged individuals to be vigilant of warning signs of such investment scams (click here to read more on this).
 
The company will unveil the charging structure of the new products when they are launched next month.