Canada Life has appointed Peter Maddern as managing director of retirement, effective from mid-February 2025 subject to regulatory approval.
Maddern (pictured) succeeds Tom Evans, who is leaving the business to pursue a new opportunity.
He will join the Canada Life UK Executive Committee and report to UK chief executive Lindsey Rix-Broom.
A highly experienced executive with a long and successful career at Canada Life, he has held 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.
Prior to this, Maddern spearheaded 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.
He succeeds Tom Evans, who is leaving the business to pursue a new opportunity.
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.
Lindsey Rix-Broom, chief executive, Canada Life UK, said: “I am thrilled to welcome Pete back to the UK business as Managing Director of Retirement. He is an exceptional leader, and his 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, and deliver on our mission to build better financial futures for our Retirement customers.
“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 to delivering positive outcomes for our customers, advisers and the business.”
Peter Maddern, managing director, retirement designate, said: “I am delighted to be returning to Canada Life UK as Managing Director of Retirement. 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.”
