Workplace pension net inflows held steady at £5.3bn, matching the 2024 figure, even as gross inflows climbed to £10bn from £9.3bn the previous year. New workplace members rose 14% to 247,000, pushing the total workplace customer base past three million for the first time.

Andy Briggs, group chief executive, said: “This is a structurally growing market, and the investment we have made in our offering in recent years is paying off. New business and retention remained strong, and our total workplace customer base reached three million for the first time.”

In retirement solutions, individual annuity premiums written grew to £1.2bn, up from £1bn in 2024, lifting market share to 15% – the third consecutive year of growth since the company re-entered the market. Pension risk transfer volumes fell to £3.9bn from £5.1bn in 2024, though the period included Standard Life’s largest ever such deal at £1.9bn. Mr Briggs noted that 2026 had begun positively, with a further £1.6bn of transactions either completed or at an exclusive stage.

The group also made significant progress on cost efficiency, with cumulative run-rate savings reaching £180m by year-end – £55m ahead of the original delivery schedule – against a target of £250m by the end of 2026. The Solvency II leverage ratio improved three percentage points to 33%, and the board recommended a 2.6% increase in the final dividend to 28.05p per share.

Looking ahead, Standard Life said it remained firmly on track to meet all of its 2026 financial targets, including approximately £1.1bn in IFRS adjusted operating profit and around £500m of excess cash generation for the year. The company also set out ambitions to move its retail business from a top-10 to a top-5 market position, leveraging its 12 million-strong customer base.

Mr Briggs struck an optimistic tone on the broader industry outlook: “The pension schemes bill will lay the foundations for a move to fewer, larger workplace schemes and creates the potential for greater value for money. This is a once-in-a-generation opportunity to ensure we tackle current levels of under-saving and help people engage with their financial futures.”