Acquisition plans approved by Royal London members - Pensions - News - Moneyfacts


Acquisition plans approved by Royal London members

Acquisition plans approved by Royal London members

Category: Pensions

Updated: 05/06/2013
First Published: 04/06/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Members of the Royal London Group have approved a proposed £219 million deal to purchase the Co-operative Banking Group's fund management and life insurance divisions.

A meeting held by the pension and life provider resulted in 95% of members voting in favour of the planned purchase, which is expected to be completed this summer, subject to approvals by financial regulators.

Royal London anticipates its customer base to increase from around 4 million to 6 million, whilst the volume of policies managed by the provider is set to grow from 6.8 million to 10.3 million.

Tim Melville-Ross, chairman of Royal London, said: "I warmly thank the Royal London members for their support for the Board's proposals to acquire these businesses.

"The acquisition increases our scale, capabilities, profitability and financial strength. The board believes it will support further our mutual dividend policy which has already seen over £325 million allocated to our members' accounts since 2007."

What next?

Find the best life insurance
Taking time to use our annuity comparison could increase the amount of income you receive for the rest of your life
Compare the best savings rates

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Pension funds defy uncertainty with strong returns

Economic uncertainty has been a persistent theme in recent months, but happily, not every area has been negatively impacted. Indeed, our latest figures show that the pension sector has bucked the trend and posted unexpectedly strong returns.

Do you know what a pension is?

Pensions are something we all need to get our heads round, and we’re continually told that it’s important to start saving into one from as early as possible. Yet new research suggests that this advice could be falling on deaf ears.

Record number of 100-year-olds

The chances of living to be over a hundred years old are going up, as figures from the ONS show that there were a record number of 14,570 centenarians in 2015, an increase of 65% over the last decade.