ANZ has updated the market on progress towards the sale of its former OnePath pensions and investments business, and its aligned dealer groups, to IOOF. This follows on from a move first announced in October 2017.In a further announcement yesterday, ANZ stated it had entered into a non-binding agreement to transfer a partial economic interest of the business and the legal ownership of its aligned dealer groups to IOOF from 1 October 2018. When the deal was first unveiled, the P&I business had A$48 billion funds under management and the various ADG operations had over 700 advisers and almost $20 billion in funds under advice,In the first phase, ANZ will receive an initial payment of $800 million from IOOF, equivalent to approximately 82 per cent of the economic interest in ANZ's P&I business, in line with the sale price of $975 million, flagged last year.According to the statement from ANZ, there will be no capital benefit available until final completion of the remaining P&I businesses "expected towards the end of the first half of 2019".As part of the agreement, first announced a year ago, ANZ will also enter into a 20-year strategic alliance to make available IOOF superannuation and investment products to ANZ customers.ANZ continues to explore ways to offload other non-core businesses.