The move to Standard Life plc supports the organic growth strategy of the pensions and savings and retirement solutions businesses that already trade under the Standard Life brand. Since Phoenix Group bought the brand, it has built up positions in a number of markets including workplace pensions, individual annuities and pension risk transfer.

Standard Life champions the belief that everyone’s journey to and through retirement can be better. For more than 200 years, Standard Life has been standing beside its customers, to help them plan and prepare for their financial futures.

The change to Standard Life plc recognises the progress made in recent years by Phoenix Group to simplify the business and enables the Group’s vision to be the UK’s leading retirement savings and income business.

The group will continue to lead the industry, by advocating for better retirements and convening to drive meaningful change to help customers achieve greater financial security.

To mark this change, Standard Life has set a new target to help three million more customers over the next ten years take action towards a better retirement. To meet this commitment, the Group will provide support and solutions designed to ensure more people are on track for sufficient pension savings and more people are financially secure in later life. Standard Life will evidence this by tracking improvement in two customer outcomes: more people are engaged in planning for their retirement, and more people are supported to make better decisions when accessing their pension.

Andy Briggs, Standard Life plc CEO, said: “For more than 200 years, Standard Life has stood beside its customers, helping them plan and prepare for their long-term financial futures. Today, as Standard Life plc, we are proud to manage £300 billion in assets on behalf of 12 million customers.

“Our purpose is helping people secure a life of possibilities, and I am proud to announce our new target, which embodies our belief that everyone’s journey to and through retirement can be better. Over the next ten years, we will help three million more customers take action to achieve better retirement outcomes.”

An extensive consumer brand campaign ‘For the life we live’ has also been launched – a national multi-media campaign featuring TV, radio, newsprint, digital and social advertising. It will run for ten weeks with the aim of strengthening the Standard Life brand at key customer decision points in people’s journey to and through retirement and helping inspire customers to engage with their financial futures.

Customer brands within the group, including SunLife, Phoenix Life and ReAssure, will continue to invest in customer service and operate as normal. This move will see no change as part of the structure of the group, or the legal entity.

Mr Briggs concluded: “The move to Standard Life plc supports our vision to be the UK’s leading retirement savings and income business, and demonstrates our commitment to helping customers achieve better outcomes and greater financial security in later life.

“We want Standard Life to be the business that people trust to guide their retirement journey.”