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Pois poised for Family merger

Family Assurance Friendly Society is to merge with Pois Assurance after its management committee and Pois&#39s membership approved the deal.

The tie-up will see all 73,000 Pois members – who voted unanimously in favour of the merger – join Family Assurance, which has more than half a million members. Both groups will continue to operate under the existing brands.

As part of the move, Family Assurance will provide a capital injection of around £2m to Pois, which provides savings products and life insurance to employees of the Post Office, British Telecom and the Civil Service, and will ringfence its £150m with-profits fund.

Both firms hope the deal will be completed by April 2, subject to FSA ratification.

Family chief executive John Reeve says: “Our existing members will benefit from the increase in size of the society, which will now have access to a new distribution channel via Pois&#39s salesforce and workplace mark- eting expertise.”

Pois chairman Roy Skidmore says: “This is an important step for Pois. We have a big footprint in the workplace marketing sector and a clear vision to build our business. Family Assurance is our preferred partner with whom we now have sufficient strength to achieve our objectives.”

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