Avance advises Veritas and Pensions-Alandia in connection with the pending merger of the two pension insurance companies.
The two companies have been engaged in co-operation since 1961 by virtue of a co-brokerage agreement, whereby they have shared equal responsibility for management of Pensions-Alandia’s insurance portfolio and the handling of certain shared functions. The merger will further streamline operations, since it will eliminate overlapping expenses, particularly in the area of administration. The aim of the merger is to create a pension company that will be the best choice on the market for SMEs and entrepreneurs.
Following the merger, Veritas will have approximately 8,200 TyEL customers and 11,500 YEL customers. The company will manage the pension security of altogether about 114,000 individuals in Finland and a total of 3.5 billion euro in investments. These figures are based on information from 2017.
The completion of the merger is subject to customary conditions including approval by relevant authorities.