Just Group plc is merging two of its existing businesses, Just Retirement Solutions (JRS) and The Open Market Annuity Service (TOMAS), to create a retirement-focused entity called Hub Financial Solutions.
Hub activities include software development and customer services as well as regulated advice, guidance and broking solutions which provide access to products from the Just Group and providers from across the market.
The new combined business supports more than 50 corporate firms and their customers.
In addition, Hub delivers client services on behalf of some of the UK’s largest employee benefits consultancies to pension scheme trustees and the individual members of around a quarter of FTSE 100 pension schemes.
The company claims it is the largest distributor of guaranteed income for life solutions in the UK worth about £300m.
Investments arranged via its services each year; adding in pension drawdown, equity release and long-term care bring this figure close to £500m a year.
Hub Financial Solutions employs around 160 people, including more than 30 fully qualified and experienced financial advisers.
Hub's employees are based mainly in Belfast and Reigate, working with about 5,000 customers a month via the web, over the telephone and face-to-face.
The reorganisation does not involve any redundancies.
Simon Gray, managing director of Hub Financial Solutions, said: “The two businesses, TOMAS and JRS, complemented each other and it made complete sense for us to bring them together to achieve synergies and create a more powerful combined business."
Clive Balchin, managing director of James Trickett & Sons, based in Rossendale, welcomed the move.
"Just Retirement is a fantastic company and our first port of call when we are arranging an annuity and they are lovely to do business with and they even shave off a bit off the rates if we haggle with them."