The acquisition will see the Co-op receive £219m in total with £39m paid up front, and £180m from a CIS fund within the life and pensions division returned to the Co-op on completion of the deal.
If signed off by the regulators – the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) – the acquisition is likely to be completed in late summer 2013.
Some 95% of the members voted in favour of the motion at the company’s extraordinary general meeting (EGM) in London this morning.
The company required just a simple majority member vote in favour for the proposals to be passed.
Royal London chairman Tim Melville-Ross said: “The acquisition increases our scale, capabilities, profitability and financial strength.
“The board believes it will support further our mutual dividend policy which has already seen over £325m allocated to our members accounts since 2007.”
