Around 800 jobs will be cut from the merger between Standard Life and Aberdeen Asset Management, which is expected to achieve cost savings of £200m per year.

In a prospectus, published Tuesday 9 May, the companies said they expect to achieve cost synergies “where duplication exists and by taking advantage of opportunities to leverage the additional scale of the combined group”.

As a result, the new company, which will be named Standard Life Aberdeen plc, said it estimates to reduce the combined 9,000 jobs down by 800 over a three-year period. It said part of this will be from “natural turnover” and steps will be taken to “minimise the number of compulsory redundancies”.

In addition, it said it will look to “maximise operational efficiencies”, such as consolidating the premises where Standard Life and Aberdeen already operate from multiple locations in a close geographic proximity.

Upon completion Standard Life chairman Sir Gerry Grimstone will be chairman of the new board, with Simon Troughton as deputy chairman. Kevin Parry will be senior independent director, and John Devine will be chairman of the audit committee. Richard Mully will be chairman of the remuneration committee and Martin Pike will be chairman of the risk and capital committee.

It also confirmed the proposed appointments to the new board of Simon Troughton, Julie Chakraverty, Gerhard Fusenig, Richard Mully, Jutta af Rosenborg and Akira Suzuki as non-executive directors, and Martin Gilbert and Bill Rattray as executive directors, of the board. They all currently serve on the board of Aberdeen. In addition, Standard Life Investments chief investments officer Rod Paris, will be an executive director of the board.

Commenting, Standard Life chairman Gerry Grimstone said: "Today's announcement is another important step towards completing the proposed merger between Standard Life and Aberdeen Asset Management.

"The directors on both boards have extensive global experience and have provided effective stewardship to grow each organisation. We have been able to create a diverse Board, which will have a strong blend of appropriate skills and knowledge. Together we will effectively oversee the successful delivery of the merger process and the future growth of the combined group."

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