Canada Life announced it will move to a single, simplified shelf of segregated funds on Monday.
The new shelf will include 75 funds from Great-West Life, London Life and Canada Life. Earlier this year, Great-West Lifeco Inc., parent company of Canada Life, consolidated its three life insurance companies under the Canada Life brand.
The unified offering will consist of 36 funds that already exist across all three shelves, 12 funds that were previously exclusive to Canada Life, and 16 funds from Great-West Life and London Life. Pathway Funds will occupy the last 11 spots on the shelf.
Separate funds on the current Canada Life shelf that are not continued on the consolidated shelf will be subject to a soft cap on new business, effective immediately. From 1 January 2020, no new Great-West Life or London Life policies will be issued.
Customers who have already invested in a soft cap fund or those who have existing Great-West Life or London Life policies will still be able to make additional contributions.
