L&G moves for Suffolk Life insurance firm

Insurer Legal & General was today set to boost its share of the DIY pensions market after offering £62m (€79.4m) for Ipswich-based Suffolk Life.

Suffolk is one of the UK’s leading specialists in self-invested personal pensions (SIPPs), administering more than 10,000 of the retirement products on behalf of wealthy individuals.

Legal & General, whose offer has been recommended by Suffolk’s board, estimates that the deal will give it around 10% of the SIPPs market in the UK.