View more on these topics

Competition watchdog approves Just Retirement/Partnership merger


Just Retirement and Partnership’s proposed merger has moved a step closer after the UK Competition and Markets Authority cleared the deal.

The providers, both of whom saw their share price hammered in the wake of Chancellor George Osborne’s Budget bombshell in April 2014, announced the merger in August.

However, advisers raised concerns the deal could be bad for savers because it would diminish annuity pricing competition.

Despite this, the CMA has approved the merger, which is set to complete in December once it has been ratified by the Prudential Regulation Authority and the FCA.

Just Retirement chief executive Rodney Cook will lead the combined business, with Partnership boss Steve Groves leaving the firm on completion.

Just Retirement shareholders will own roughly 60 per cent of the business, while Partnership shareholders will control the remaining 40 per cent.

Just Retirement says the deal will eventually result in annual savings of at least £40m – approximately one-third of the combined cost base of the two firms. Part of this saving will come from “the removal of duplicate quotes, sales and pricing activity for annuities”.



SJP assets hit £55bn as net pension inflows rise 44%

St James’s Place saw total assets under management hit £54.5bn at the end of the third quarter as more than £620m of new pension money flowed to the wealth manager. The firm’s third quarter update, published this morning, reveals gross inflows of funds under management were £2.32bn in the three months to 30 September, up […]

Pension savings-2015

Pension tax relief: parked (for the moment)

The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment