Primetime Retirement has agreed a deal with Key Retirement Solutions Group, funded by Phoenix Equity Partners, that gives Key Group a majority shareholding in the business.

Key Group already has a major presence in the intermediated market with its B2B lender, more 2 life. The deal gives Primetime Retirement financial backing and opens up new market opportunities for its fixed term retirement income products.

Primetime Retirement specialises in fixed term retirement income solutions that provide clients with a secure income for a term of five or six years and a known maturity lump sum at the end of the term without any investment performance risk.

Kim Lerche-Thomsen, Primetime Retirement’s founder and CEO, said: “This deal represents a significant forward step in the development of our business. Key Group is an exciting and successful brand to be involved with and it will help launch our products to a new audience of advisers and consumers.

“The retirement income and retirement lending markets are set to become more closely entwined as a result of the expected pension changes being introduced next year. The combined strength of our respective brands, plus our heritage in pioneering new product solutions for clients and their advisers, will give us a unique competitive edge.”

Colin Taylor, CEO of Key Group, said: “We chose to invest in Primetime Retirement because we recognised the potential for developing a powerful new B2B manufacturing proposition, complementing our strength in retirement lending with that of Primetime Retirement’s expertise in retirement income.”

The company has also announced that it will be moving its sales unit from its current location in Bristol to the Key Group head offices in Preston and it is in the process of informing all of its IFA customers of the change to account management.