Phoenix Group invests in Standard Life as part of growth plans

Standard Life, part of Phoenix Group, the UK’s largest long-term savings and retirement business, has today announced a new programme of investment.

The purchase of the Standard Life brand in May 2021 from abrdn is strategically important to Phoenix Group as it pursues a growth strategy that will see Standard Life increase its presence in a number of key markets – workplace pensions, bulk purchase annuities, lifetime mortgages and retail savings.

The company has announced that the Phoenix Bulk Purchase Annuity (BPA) business, and equity release business, will align under the Standard Life brand. In addition, a range of retail Lifetime Mortgage products will be marketed through Standard Life Home Finance, as part of a strategic agreement with Key Group.

Standard Life will also be playing its role in addressing some of the biggest challenges of our time and this includes climate change. As part of Phoenix Group, which has sustainability embedded throughout its businesses, Standard Life has set interim targets to ensure its investment portfolios achieve net-zero carbon by 2050.

Phoenix Group recently announced 2025 and 2030 interim targets as part of its roadmap to net-zero by 2050. This will see the carbon emissions of £250bn AUA reducing by at least 50% by 2030.

Phoenix Group also announced that the look and feel of the Standard Life brand is changing too. A series of subtle changes in brand style are being introduced following extensive research with customers, with an initial brand refresh focusing on modernising the visual identity and tone of voice, and improving digital accessibility.

With further investment planned for the Standard Life brand, the ambition is to be at the forefront of retirement saving in the UK through product and service innovation, and a commitment to helping all customers live a life of possibilities.

Andy Curran, chief executive of Standard Life, part of Phoenix Group, said: “Standard Life is one of the most recognised names in life and pensions and we have ambitious investment plans built on its great heritage. With the capital and financial strength of Phoenix Group, and Standard Life’s extensive expertise in pensions and retirement, our ambition is to create an even more customer-centric business with sustainability at its core.

“Accelerating our proposition innovation is central to this investment, from delivering better retirement income solutions using the strength of our Group balance sheet to further harnessing data and digital technology to provide more timely and relevant information to customers. The investment we are making in our propositions and digital channels will allow us to deliver broader retirement options and make Standard Life relevant to even more customers and advisers now and in the years to come.”

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