The merger of annuity providers Just Retirement and Partnership has been approved by the FCA and the PRA.
The two firms, which were both hammered by Chancellor George Osborne’s pension freedoms reforms, announced plans to merge in August last year, with the Competition and Markets Authority backing the deal in October.
And in a stock exchange announcement this morning, the pair confirmed that both the PRA and FCA had also approved the deal, which was originally expected to complete by the end of 2015.
The firms say further details will be provided following the announcement of full year results on 11 March.
As part of the deal, Partnership chief executive Steve Groves will step down, with the new business led by Just Retirement chief executive Rodney Cook.