Retirement Advantage no longer exists for new business. In 2018, Retirement Advantage was acquired and fully rebranded as Canada Life.
While you can no longer take out a new Retirement Advantage plan, their legacy lives on through Canada Life’s current product range, which remains one of the most flexible and popular in the UK.
The Story Behind the Name
Retirement Advantage was originally formed in 2015 through the merger of two specialists: Stonehaven (a leader in equity release) and MGM Advantage (an annuity specialist). In January 2018, they were acquired by Canada Life, a move that integrated Retirement Advantage's innovative product features into Canada Life's massive financial infrastructure.
Get equity release quotes and advice today
We work with equity release providers across the market, including Retirement Advantage. Our advisers can help you compare equity rates from different providers and find the best deal for you.
Our experts will compare rates from every UK provider in seconds. They will show you the latest equity release deals from Retirement Advantage and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form below and one of our expert equity release advisers with be in touch today!
What if You Have an Existing Plan?
If you took out a plan under the Retirement Advantage or Stonehaven names before 2018:
-
Your Contract is Safe: All the original terms, fixed interest rates, and guarantees (like the No Negative Equity Guarantee) remain legally binding
-
Now Managed by Canada Life: Your plan is now administered by the Canada Life Home Finance team. Any queries regarding your current balance, moving home, or taking additional borrowing should be directed to them
Canada Life Range
The innovative spirit of Retirement Advantage, particularly their focus on voluntary repayments, is now the backbone of Canada Life’s equity release offering. Their current range is split into three main categories:
-
Capital Select Options: The most popular range, allowing you to pay off up to 10% of the loan amount each year from day one, helping you control the interest roll-up
-
Lifestyle Select Options: Designed for lower loan-to-value (LTV) needs, often offering some of the lowest interest rates in the market
-
Prestige Options: Tailored for high-value properties and larger loan amounts (typically over £250,000)
Key Features of Current Plans
Canada Life has maintained the high standards that Retirement Advantage was known for:
-
Downsizing Protection: If you decide to move and the new property isn't suitable for the loan, you can repay the mortgage in full without penalty (usually after the plan has been active for 5 years)
-
Inheritance Guarantee: You can ring-fence a specific percentage of your home's future value to ensure it goes to your beneficiaries, regardless of how much the loan grows
-
Fixed Early Repayment Charges (ERCs): Their ERCs are typically fixed and decrease over a 10-year period, eventually disappearing entirely, which offers more certainty than gilt-linked penalties
-
Significant Life Event Waiver: On joint plans, if one partner dies or moves into care, the survivor can repay the loan in full without any penalty for up to three years
Interest Rates
As of early 2026, Canada Life’s rates for products that replaced the Retirement Advantage range typically fall between 5.9% and 7.5% AER. These rates are fixed for life, meaning the compounding is predictable from the start.
Pros and Cons
Pros:
-
Proven Reliability: Backed by Canada Life, a firm that has operated in the UK since 1903
-
Market-Leading Flexibility: The ability to make voluntary payments is among the best in the industry
-
Excellent for Inheritance Planning: Strong options for protecting a portion of your home's value
-
Fast Processing: They are known for having one of the most efficient application and valuation processes
Cons:
-
Brand Confusion: Some customers may find the transition from Retirement Advantage to Canada Life confusing when looking at old paperwork
-
Strict Property Criteria: Like many large insurers, they can be selective about non-standard properties(e.g., specific types of flats or roof constructions)
-
Higher Minimum Loan: Usually requires a minimum property value of £70,000
How to Apply
Because these are complex products, Canada Life (like the old Retirement Advantage) only accepts applications through qualified financial advisers. An independent broker like ourselves will compare Canada Life’s current deals against the rest of the market to see if they are still the best fit for your specific needs.
Get started here to begin a free, no-obligation chat with a qualified equity release adviser who can help you decide which provider is best for your needs.