Key Group is targeting expansion with the launch of specialist distribution divisions focusing on retirement lending and wealth and retirement options.

The new distribution arms have been created following a strategic review aimed at strengthening Key Group’s sales focus and delivering long-term growth plans ahead of the retirement revolution launching in April 2015.

Richard Overson has been appointed managing director of the Retirement Lending distribution business and Dean Mirfin will be managing director of the Wealth and Retirement Options division. Both are founding directors of Key Group and were group directors. Paul Wilson, managing director of Key Retirement Solutions, has left the business.

Retirement Lending includes equity release as well as secured lending following the acquisition of packager V Loans while Wealth and Retirement Options will focus on annuities and other retirement income solutions.

Colin Taylor, chief executive of Key Group said: “Launching new focused distribution arms makes strategic sense given the rapid growth of both sides of the business and ensures we can maintain the focus on expansion.”