Partnership and Just Retirement shareholders have voted in favour of a proposed merger between the two companies.
The two specialist annuity providers announced plans to merge in August 2015 after the introduction of pension freedoms hit both businesses.
Following the merger Just Retirement shareholders will own 60% of a combined entity called JRP Group.
Last month, shareholders of the two businesses were sent a scheme of arrangement which outlined plans for the merger. It said the new company expected to cut ‘at least 20%’ of roles. The combined entity will have 1,200 staff working for it.
At general meetings of the two companies held today, shareholders in both Just Retirement and Partnership overwhelmingly backed the merger.
Just Retirement shareholders almost unanimously voted in favour of a motion supporting the merger, as just under 100% of the votes supported it.
A move to approve Just Retirement’s name change to JRP Group plc was also passed with 99.99% of the votes.
Partnership shareholders also backed the deal, as 99.95% votes in favour of approving the scheme of arrangement.
The votes mean the merger is likely to be completed in April, as announced by the two companies earlier this year.
Source: New Model Adviser