Canada Life has appointed Peter Maddern as managing director of retirement, to succeed Tom Evans, who is leaving the business to pursue a new opportunity.

The appointment is effective from mid-February and subject to regulatory approval.  

Mr Maddern will join the Canada Life UK executive committee and report to UK chief executive Lindsey Rix-Broom. 

He has had a long career at Canada Life, holding a variety of roles over 18 years. Most recently, he held the position of vice president, capital management at Canada Life UK’s Canadian parent company.

Before that, he led Canada Life’s bulk purchase annuities (BPA) strategy as BPA strategy and commercial director, and played a pivotal role in the development of Canada Life’s wealth business during his six years in the wealth management leadership team. 

Lindsey Rix-Broom, chief executive, Canada Life UK, said: “Pete’s deep knowledge of the retirement market and Canada Life will be a great asset as we continue to grow and strengthen our proposition to consumers and advisers. 

“I would also like to thank Tom for his contribution to Canada Life over the last six years. He leaves the retirement business in a very strong position, and I am grateful for his leadership and commitment.” 

 Tom Evans led Canada Life’s home finance business following the acquisition of Retirement Advantage in 2018 and played a key role in bringing together the individual annuity and home finance propositions to form Canada Life’s retirement business. 

Peter Maddern, managing director, retirement designate, said: “With increasing life expectancies and an evolving retirement landscape, the needs of our current and future customers are growing and changing.

“This presents exciting opportunities for Canada Life to further our mission, innovate for the future, and drive forward the business. I am looking forward to leading a talented team and working in partnership with advisers and intermediaries to realise this potential.”