Scottish Friendly completes acquisition of in-payment books of business from Fidelity International
Assets under management of £2.3bn transfer over from Fidelity International
Around 35,000 policyholders have now been welcomed to Scottish Friendly
Transfer completed smoothly, with continuity of service maintained
Scottish Friendly, UK financial mutual, today announces the successful completion of its acquisition of pension and annuity in-payment books of business from Fidelity International (‘Fidelity’), first announced in April 2025.
Following receipt of all necessary approvals, the transfer has now completed in full. It brings an additional £2.3bn of assets under management, covering approximately 35,000 policyholders. As a result, Scottish Friendly's total assets under management now stand in the region of £6.8bn.
The transfer preserves customers' existing benefits and retirement options, helping to provide continuity and support good customer outcomes. Transferring customers will also be able to access their pension digitally through Scottish Friendly’s new pension web and app proposition, while continuing to have access to dedicated customer service support to help them navigate key life stages.
The transfer was delivered in close partnership with Fidelity International, drawing on Scottish Friendly's long-established track record of managing large-scale book acquisitions, including its 2019 acquisition of a life and pensions book of business from Canada Life.
Stephen McGee, Chief Executive of Scottish Friendly, said:
"I would like to warmly welcome our 35,000 new members to Scottish Friendly and am delighted that this transfer has now completed successfully. As with all our members, our aim is to help them and their families to achieve their financial goals.
“Bringing a book of business of this scale across required careful planning and close collaboration with Fidelity International, and I want to thank everyone involved at Scottish Friendly and Fidelity International for ensuring such a smooth transition.”
Contact:
Kevin Brown, PR & Communications Manager
07512194336
[email protected]
Editor's notes:
About Scottish Friendly
Scottish Friendly is a UK mutual life and investments organisation. It provides its members and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.
Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.
Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ
Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority.