UK – Pension provider Perpetual and fund management group INVESCO have merged their pension businesses with the UK corporate defined contribution (DC) market in mind.

The alliance of Perpetual’s DC and personal pension product range with INVESCO’s own DC provision will also bear joint products aimed at the UK retail market, the groups say.

“ The combination of INVESCO’s global expertise along with Perpetual’s strong UK presence, gives us the opportunity to become a major player in the UK pensions market,” says Fiach Maguire, Perpetual’s pensions development director.

It is proposed that the existing range of INVESCO and Perpetual funds will be combined during the third quarter of this year, alongside funds from a number of other major providers, including the established link with Barclays Global Investors’ index funds.

“The two pension product ranges complement each other exceptionally well. Within these two businesses we will have investment expertise in both retail and institutional markets,” says David Butcher, managing director of the combined business.