The acquisition will add over 30,000 customers to the company and £2 billion of assets under management including £1.5 billion of annuities.

Doug Brown, executive vice-president and chief executive of Canada Life UK, said: “We’re delighted the acquisition of Retirement Advantage has been concluded. Canada Life holds leading positions in many of our chosen markets.

“With the acquisition of Retirement Advantage, we are well positioned to build on our combined skills and experience to become a leader in the broader retirement market.”

Paul Mahon, president and chief executive officer of Great-West Lifeco, which wholly owns The Canada Life Group (UK) Limited, said: “This transaction strengthens Canada Life’s scale and capabilities in the growing United Kingdom retirement income market, and further strengthens Canada Life’s position as a leading insurer in the UK.”

Retirement Advantage’s chief executive, Craig Fazzini-Jones, will be joining Canada Life UK as its chief operating officer. He said: “We join Canada Life at an exciting time as the retirement market continues to evolve. With ambitious plans, innovative products and a financially strong parent we are in a good position to support advisers and help their clients while delivering value to the Canada Life group.”

Both companies will continue to operate as usual while work begins on integrating Retirement Advantage into the Canada Life group.

Retirement Advantage was created in 2015 when funds managed by TDR Capital LLP merged the retirement income and equity release divisions of MGM Advantage and Stonehaven. The company has 30,000 pension and equity release customers, and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities (as of June 2017). The terms of the deal have not been disclosed.