European life and pensions consolidator, Chesnara plc, has completed the acquisition of Sanlam Life & Pensions UK Limited (SLP) for £39m.

Chesnara said the deal, which was initially announced in September 2021, enhances the scale of its operations in the UK by adding £2.9bn of assets under administration (AuA) and approximately 80,000 policies.

While existing SLP customers will continue to be able to add further funds to their policies and continue to invest their regular premiums, SLP will no longer be accepting new customers other than from the online wrap platforms that SLP currently supports.

To give advisers time to complete any existing applications, these will be accepted up to 27 May 2022.

Commenting, Chesnara UK CEO, Ken Hogg, said: “My colleagues and I are delighted to welcome SLP’s existing customers and colleagues to the Chesnara group. I want to assure customers and their advisers that they will continue to enjoy the full range of investment options and choices that they had previously, and that they can continue to invest in their existing policies.

“Chesnara’s financial strength and service levels remain highly rated with UK AuA of over £5bn and group AuA of over £12bn following the transaction. These should help ensure that business continues very much as normal.”

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