The transaction which was first announced last year, follows receipt of all necessary regulatory approvals. It brings an additional £2.3bn of assets under management, covering approximately 35,000 policyholders to the firm.

Scottish Friendly’s total assets under management now stand in the region of £6.8bn following the acquisition.

The transfer preserves customers’ existing benefits and retirement options, helping to provide continuity and support good customer outcomes.

The mutual confirmed that “transferring customers will also be able to access their pension digitally through Scottish Friendly’s new pension web and app proposition, while continuing to have access to dedicated customer service support to help them navigate key life stages.”

The transfer was delivered in close partnership with Fidelity International, drawing on Scottish Friendly’s long-established track record of managing large-scale book acquisitions, including its 2019 acquisition of a life and pensions book of business from Canada Life.

Stephen McGee, chief executive of Scottish Friendly, said: “I would like to warmly welcome our 35,000 new members to Scottish Friendly and am delighted that this transfer has now completed successfully. As with all our members, our aim is to help them and their families to achieve their financial goals.

“Bringing a book of business of this scale across required careful planning and close collaboration with Fidelity International, and I want to thank everyone involved at Scottish Friendly and Fidelity International for ensuring such a smooth transition.”