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Pru Annuities and ScotAm will merge

Prudential Annuities is being brought under the remit of the Pru&#39s IFA business Scottish Amicable by the end of the year.

The move comes a month before Kim Lerche-Thomsen officially takes over from ScotAm chief executive Roy Nicolson.

Annuities will be added to ScotAm&#39s existing stable which includes all ScotAm products as well as the Pru intermediary division, which sells the Prudence bond.

ScotAm and Pru products will have their own separate salesforces and will still be aimed at the IFA channel.

ScotAm chief executive Roy Nicolson says annuities are seen as part of a much bigger overall picture.

He says: “Obviously, annuities are a segment of the market but, in terms of the overall portfolio, it is relatively small as it is a narrowly focused product.”

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