The Clerical Medical brand will, over time, no longer be used for new business.
Scottish Widows and Clerical Medical will combine to provide a new single intermediary sales force and product proposition from 1 July 2009.
Under the new intermediary proposition, pension products will be provided by Scottish Widows; onshore and offshore investment products will be provided by Clerical Medical, although the branding will change over time.
There is no change for existing Scottish Widows or Clerical Medical customers nor are there plans to move existing customers to new products.
Archie Kane, group executive director insurance, Lloyds Banking Group, says: “This is the first important step in our aim to establish one simplified organisation. We are mindful of the rich heritage and strength of the Clerical Medical brand however our research has shown that Scottish Widows is the most recognised and trusted brand in the market place.
“Today’s announcement takes us a step closer to achieving our vision: to be recognised as the best life, pension and investment company by our customers, colleagues and shareholders. In doing so, we are bringing together the best of both of our heritage companies to provide a very strong platform for the future.”