The Skandia Life brand will be extended to the product range of the group's UK subsidiary Profession...
The Skandia Life brand will be extended to the product range of the group's UK subsidiary Professional Life from the start of next year.
The move will lead to a consolidated business with some £3.2bn under management and a total of 150,000 policyholders.
Some £500m of this, along with 25,000 policies, will have come from Professional Life.
There will be no job losses as a result of this, said the group.
Peter Jordan, pensions brand manager at Skandia Life said: "Since the RU64 in 1999 which brought radical changes to the pensions market, we have revamped our Skandia Life products to simplify them.
"Fee-based advisers are now willing to use Skandia Life's commission-based products as well as Professional Life's nil-commission products. The divisions between them have thus become blurred."
The move of Professional Life's policies will take place without altering any of the product terms and fund choice.
IFAs will continue to deal with the same sales consultant through the same Skandia network of regional offices. The investment management of funds will be unchanged, as will the choice of investment options.
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