Glasgow-based Scottish Friendly, which said in February it will merge with Brighton-based OneFamily, announced the completion of its acquisition of pension and annuity in-payment books of business from Fidelity International.

The deal brings an additional £2.3 billion of assets under management to Scottish Friendly, covering 35,000 policyholders. As a result, Scottish Friendly’s total assets under management now stand at £6.8 billion.

“The transfer preserves customers’ existing benefits and retirement options, helping to provide continuity and support good customer outcomes,” said Scottish Friendly.

“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.”

Scottish Friendly CEO Stephen McGee 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.”