Key Retirement Solutions has completed the purchase of IFA annuity broking service Annuity People.
The business said the acquisition builds on Key Retirement's existing direct to consumer annuity business.
The two companies began working together in July when clients of Annuity People, headed by managing director Malcolm Thomas, were referred to Key Retirement after Honister Capital went into administration leaving its appointed representatives unable to write new business.
Key Retirement said the deal would allow the two companies to expand the IFA annuity service in a rapidly growing market "where the Retail Distribution Review (RDR) means offering a strong referral service will be essential for advisers".
Annuity People carries out all research and administration for IFAs, occupation scheme trustees, benefit consultants and other financial advisers ensuring clients receive the best possible deal for their pension fund.
Dean Mirfin, group director of Key Retirement Solutions, said: "The purchase of annuity people expands our referral proposition which we have operated for more than ten years for equity release.
"Annuity People have built a solid reputation for delivering a high quality business to business annuity desk and we plan to strengthen and expand the service. We look forward to working with Malcolm and his team."
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