Great-West Lifeco Inc., through its indirect United Kingdom subsidiary, Canada Life Ltd., today announced that it has successfully completed the transfer of $10.2 billion (£ 4.6 billion) of pension annuity business from The Equitable Life Assurance Society in the United Kingdom.

The transfer to Canada Life involved substantially all of Equitable Life’s not-for-profit pension annuity business, comprising approximately 130,000 policies.

Under the terms of the transaction, Equitable Life has transferred to Canada Life Limited $10.2 billion (£ 4.6 billion) of assets as at Jan. 1, 2006, and Canada Life has assumed responsibility for the future pension payments to these policyholders effective Feb. 9, 2007.

The transaction, originally announced on May 11, 2006, is the largest transfer of a not-for-profit annuity portfolio in the UK.