The acquisition is due to be finalised by the end of 2026 and will see the combined group become the number two workplace pension provider in the UK with 16 million customers and £484bn in assets under administration.

From a customer perspective, FTSE l100 listed Standard Life said the deal will increase advice, distribution and digital capabilities across workplace and retail products, transform the adviser offering by moving Aegon pension holders to the company’s ‘proven platform’, improving support for the current 3.8m Aegon pension savers.

Under the terms of the transaction, Standard Life will acquire 100% of Aegon UK for a total consideration of £2bn, financed through a cash consideration of £750m, financed through a combination of £650m debt and 181.1m newly issued shares in Standard Life for Aegon shareholders at completion.