British pensions advisory firm Isio Group has reached a deal to purchase Deloitte’s UK-based pensions advisory business, called Deloitte Total Reward and Benefits (DTRB).

DTRB currently offers actuarial, pensions administration, investment services to various clients and pension plans across the UK.

The new deal will see the creation of a big pensions, wealth and investment advisory entity in the country, helping Isio in expand its offerings.

Following the completion of the deal, a team of 200 employees from DTRB will join Isio.

Besides, Isio expects to earn nearly £140m in revenue per annum and run a workforce of 1000 people across its nine current locations in the UK, once the deal is closed.

The company, which is backed by Exponent, will also add a new site in Belfast.

The acquisition, which awaits regulatory approval from the UK’s Financial Conduct Authority (FCA), is anticipated to be completed within this year.

Financial and other details of the deal have not been divulged.

Isio Group CEO Andrew Coles said: “This acquisition builds on the momentum we have as we build scale and challenge the status quo by developing the best pensions, benefits and wealth advisory offering in the market.

“Deloitte UK’s pensions business has achieved great success to date and bringing the two businesses together will create exciting opportunities for our people, our clients and their pension scheme members.”

Isio was launched in March 2020 as a spin-off of KPMG.

Deloitte UK head of pensions business Mark McClintock said: “Bringing together the pedigree and heritage of Deloitte’s UK pensions business and Isio is a hugely exciting proposition for our people and the marketplace.

“The combined business will have the skills, propositions and services to be the advisor of choice to many UK pension schemes and their sponsors.”