The Competition and Markets Authority has approved the merger of Just Retirement and Partnership.
In August the two annuity providers announced plans to merge, creating a company called JRP Group.
The two companies will now hold general meetings with a view to approve the merger.
Just Retirement will hold its meeting on 23 November while Partnership will hold one on 26 November.
A joint statement said: “It is expected that the merger will become effective around late December 2015, subject to satisfaction or waiver of the outstanding conditions to the merger – including the approval of the merger by the PRA and the FCA.”
Background
April’s pension reforms have had a significant effect on the sale of annuities, with sales falling by 42 per cent from £11.9bn in 2013 to £6.9bn by the end of June 2014, according to data from the ABI.
When the merger was announced in August the two companies said it would allow them to “tackle the challenges” posed by the recent reforms.
