Annuity Direct is now under the ownership of Fidelity Worldwide Investment after the deal to buy the retirement specialist was approved by financial regulators.
Fidelity's move into the annuity market will see it aim to retain its existing pension clients - currently numbered at about 1.2 million - and give them access to a broad range of retirement products and guidance if they do not have access to an adviser.
Fidelity also said it would work to support adviser firms serving their own clients both "at and in retirement". Annuity Direct will work with Fidelity's Personal Investing and Workplace pension customers as well as supporting advisers who use FundsNetwork.
Alan Higham will continue as chairman of Annuity Direct but will also take up a newly created role at Fidelity as head of retirement insight. He will work alongside head of retirement Richard Parkin.
Don Grant will become Annuity Direct chief executive while Bob Bullivant will continue to lead training and compliance for the Isle of Wight-based adviser.
Parkin said: "Fidelity has more than a million customers and planning for a comfortable retirement will be high up on their list of personal financial priorities. At Fidelity and Annuity Direct, our goal is to help them succeed and to support them as they make vitally important but often complex choices as they plan for retirement.
"We believe that many of our customers need expert help to do this. Fidelity's acquisition of Annuity Direct enables us to provide retirement guidance and advice to any of our customers who do not already have access to this, as well as support the many advisers who are using Fidelity's platforms to service their clients' retirement needs."
The Financial Conduct Authority approved the deal on 10 February.
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