Scottish Widows has finished the first phase of its acquisition of Zurich’s workplace pensions business by transferring its workplace investment products.
The transfer of the remaining assets will follow after regulatory and legal approvals.
The products that have been transferred have been rebranded as Scottish Widows and around 200 Zurich employees have also moved as part of the acquisition.
The deal was announced in October last year with Scottish Widows’ parent Lloyds Banking Group saying it was a signal of its commitment to the financial planning and retirement sector.
Scottish Widows today also announced a bolstered workplace savings offering as a result of the deal.
It says the offering is aimed at large schemes as well as intermediaries. It says it will give access to an increased range of trust and contract-based solutions, including master trusts and general investment accounts.
Scottish Widows distribution director Jackie Leiper says: “The integration of Zurich’s workplace business gives us a proposition, platform and team of experts to allow us to hit the ground running.”