Broadstone, one of the UK’s largest firms of pension and investment advisers, has been bought by private equity firm Livingbridge for an undisclosed sum.

Employers grappling with automatic enrolment face further headaches if a single flat rate of pension tax relief becomes reality, a pension firm director says, as he also warned it could become an active disincentive to save.

Livingbridge has agreed terms and exchanged contracts to acquire Broadstone Corporate Benefits Ltd and Broadstone Risk & Healthcare Ltd from Oakley Capital, the company reported this morning.

Thomas Miller Investment has completed the acquisition of the Broadstone Wealth Management business.