A resolution was passed at a general meeting of the company today by a majority of more than 99 per cent of shareholder votes cast.
Barry O’Dwyer, chief executive of Standard Life Aberdeen’s pension and savings business, and Campbell Fleming, global head of distribution of Aberdeen Standard Investments, have been named as non-executive directors of Phoenix Group.
Phoenix will continue to offer workplace pensions under the Standard Life brand following the transaction, with Standard Life Aberdeen providing investment management, brand and marketing services.
Ten million Phoenix customers will be offered advice and other services from Standard Life under the deal.
Standard Life Aberdeen chairman Sir Gerry Grimstone said: “I’m pleased our shareholders have voted so decisively in favour of our proposals today. The sale of our UK and European insurance business to Phoenix is an important milestone in our company’s history and marks a decisive break from our past as an insurer.
“It is an excellent result and demonstrates our shareholders’ overwhelming support for our ambition to become one of the world’s leading investment companies.”