Scottish Friendly, one of the UK’s biggest financial mutuals, has today announced that it is has taken over bundled group pension business from Mobius Life, an independently-owned provider of institutional services to corporate pension schemes in the UK.
The proposed transfer of the business was announced by Scottish Friendly on 5 June. The transfer sees 13,300 members and assets of over £350 million move to Scottish Friendly and was approved on behalf of Scottish Friendly members at a Special General Meeting and received High Court approval on 7 November.
Jim Galbraith, Scottish Friendly’s chief executive said:
We are delighted to welcome Mobius Life bundled group pension policyholders to Scottish Friendly. The addition of Mobius Life bundled group pension business to Scottish Friendly is a tangible outcome of our strategy to diversify and grow the business for the benefit of our policyholders.