Scottish Friendly has completed the acquisition of the pension and annuity in-payment books of business from Fidelity International, covering around 35,000 policyholders.

The completed transfer, first announced in April 2025, has now completed in full after receiving all the necessary approvals.

As a result of the transfer, Scottish Friendly's assets under management have increased by around £2.3bn to approximately £6.8bn.

The firm said the transfer preserves customers' existing benefits and retirement options.

Customers will also be able to access their pensions through Scottish Friendly's online platform and app, while continuing to receive customer support.

This transfer follows Scottish Friendly’s 2019 acquisition of a life and pensions book of business from Canada Life.

Commenting on the transfer, Scottish Friendly chief executive, Stephen McGee, said: "I would like to warmly welcome our 35,000 new members to Scottish Friendly.

“As with all our members, our aim is to help them and their families to achieve their financial goals.”

He added that the transfer of a book of business of this scale required careful planning and close collaboration with Fidelity International.

---