Standard Life and Phoenix Group’s proposed strategic partnership

Standard Life is changing. What does it mean for you?

At the general meeting on 25 June 2018, Standard Life Aberdeen plc shareholders voted to approve the sale of Standard Life Aberdeen’s UK and European insurance business, as part of our enhanced strategic partnership with the Phoenix Group. The transaction is subject to regulatory approval and we will be working closely with the Phoenix Group to finalise it. We expect it to complete in the third quarter of 2018.

The Standard Life brand is almost 200 years old and is one of the most recognised in the UK long-term savings industry. It has a strong reputation built on high levels of service. It will continue to evolve as it is has done many times over our 193 year history. We remain committed to supporting employers and helping you achieve your objectives.

Standard Life Aberdeen and the Phoenix Group will work together to offer market-leading solutions to employers. Each will be responsible for different aspects of the workplace business, with Standard Life Aberdeen providing investment management, brand and marketing services, and the Phoenix Group focusing on design and development, policy administration and operational support.

The Standard Life team that supports you at the moment will continue to do so when the sale is complete.

Continuity and stability of Standard Life brand.

  • Standard Life Aberdeen will retain the brand and will license it to the Phoenix Group. This will continue to give you and your employees reassurance that their long-term life savings are well looked after by a trusted brand.
  • Standard Life Aberdeen will continue to provide investment, brand and marketing services for Standard Life workplace propositions.
  • Arrangements with bespoke scheme communications and visual identity will not change.

Market leading support and service.

  • Calls will still be answered as Standard Life, communications will still be branded Standard Life and so will our employee dashboards.
  • We expect no change to the service you have in place. Our colleagues would continue to support you; with the same technology.
  • The policy and contracts you have in place today will not change. The policy and contracts are with Standard Life Assurance Limited. The difference will be that Standard Life Assurance Limited will be owned by Phoenix Group after the proposed transaction completes.

The same quality products and service for you and your employees.

  • Both Standard Life and the Phoenix Group remain committed to ensuring service continuity and to providing the highest levels of service.
  • Your employees’ supporting services will continue.
  • We will work together with the Phoenix Group to ensure that our customers continue to enjoy a best in class proposition.

Ensuring robust governance.

  • Beyond our own interest in maintain an offering that’s value for money, we’ll continue to have the independent challenge of the IGC and the Master Trust Board, as well as our clients.

Platforms and technology.

  • The platforms we use will be Standard Life technology. Ownership will simply move to the Phoenix Group.

Shared commitment to innovation and future developments.

  • Both Standard Life Aberdeen and the Phoenix Group are continuing to invest in our proposition roadmap to improve the experience for you and your employees.
  • A joint operating forum will be established between Standard Life Aberdeen and the Phoenix Group and will be responsible for decision making, which together with a supporting wider governance framework will facilitate an effective partnership.

Next steps

The transaction is subject to regulatory approval and we will be working closely with the Phoenix Group to finalise it. We expect it to complete in the third quarter of 2018.