The £1.7bn merger of providers Just Retirement and Partnership will result in a "near-monopoly" in the medically underwritten annuity market, a consultant has said.
The annuity providers, which collectively account for 40% of open market annuity business, have confirmed merger plans which will see Just Retirement chief executive Rodney King lead the operation with Partnership's Steve Groves stepping away. The combined business will be called JRP Group. In a stock exchange announcement, the group said one of its key aims would be to expand its defined benefit de-risking operation. De-risking involves the purchase of bulk annuities by pension schemes as they attempt to limit future liabilities. Further reading: Just Retirement’s Steve Lowe ex...
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