Canada Life has announced it will buy Retirement Advantage.
Canada Life did not say how much it paid for the pension and equity release specialist, which has over £2bn in assets under management.
The deal allows Canada Life to expand into offering equity release mortgages.
The company said it also “reaffirms [Canada Life’s] commitment to the United Kingdom”.
Retirement Advantage praised the deal for providing its clients with “greater retirement protection”.
Retirement Advantage group chief executive Craig Fazzini-Jones says: “This acquisition is a positive endorsement of the business plan we adopted following the UK pension reforms announced in 2014 that transformed our business and drove the creation of innovative retirement solutions.
“As we join Canada Life, we will be well positioned to build upon that success and provide greater retirement protection for our customers.”
The deal should close in the last quarter of the year.