Standard Life awarded Master Trust Authorisation Approval

• 45 years’ experience in running master trust schemes
• Over 240,000 master trust members
• £5.1bn assets under administration*

Standard Life Assurance Limited today announces it has received authorisation from The Pensions Regulator (TPR) for its two master trusts – the DC Master Trust Scheme and the Stanplan A scheme. Looking after over 240,000* members the Standard Life master trusts are among the biggest in the UK offering a choice of solutions to employers wishing to streamline their pension processes.

Demand continues to grow for master trusts as they can offer quality oversight and flexibility, while reducing the governance burden and providing economies of scale for employers. Standard Life’s approach is based on agreeing goals up front and building a solution that is a customised integrated workplace pension that aims to provide a good outcome for members.

Richard Butcher, Chair of the Standard Life Master Trust Co Ltd Board, commented: “I am delighted that we have been able to conclude this rigorous process and that the two master trusts we look after have been authorised. On behalf of the trustee board, I’d like to thank the team at Standard Life for all their hard work and the Regulator for the constructive way they have engaged with us. The Board’s focus has always been on delivering good member outcomes. Authorisation means that our current and future members, as well as the employers participating in the schemes, will have an added layer of reassurance in that respect.”

Neil Hugh, Head of Customer and Workplace Proposition and Strategy at Standard Life, added: “We’re very proud to be among the first to be granted authorisation. We have a proven track record with 45 years’ experience helping members and their clients manage their pension savings. Master trusts are already a popular auto enrolment vehicle and we’re seeing a significant increase in membership. A master trust is a proven solution for both employers and their employees, it takes away some of the regulatory burden, allowing employers more time to focus on helping their employees plan their financial future.”

ENDS

Media enquiries

For further information or interviews, contact:

Rachel Finlay
Corporate Communications, Standard Life
0131 245 0489
Rachel_finlay@standardlife.com

* All figures are at 30 March 2019. 240,000 members across SLDCMT and Stanplan A.

About Standard Life

• Through Standard Life Assurance Limited a range of high quality products are offered, for workplace pensions, personal pensions, savings, investments and retirement.
• These are sold in the UK, Ireland, Germany and Austria. Standard Life Assurance Limited is owned by Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen Group.
• At Standard Life, we’ve been helping customers with their life savings for nearly 200 years.
• Today the Standard Life brand is trusted by over 4.5m customers, helping them to manage their life savings so that they and their families can enjoy a better future.
• Customers come to us through advisers, through their employers and direct to Standard Life.
• We know that customers need more support than ever to make important financial decisions, so we use our expertise to help them get good advice and make better financial choices for their future. And our close relationship with Aberdeen Standard Investments allows us access to world-class investment solutions.
• Ultimately we want to help customers make good choices with their life savings, whether they are saving throughout their working lives, enjoying financial security in retirement or planning to pass wealth on to loved ones.
• We believe that experience matters, customers need us and together we will succeed. Collectively we believe this means that there’s a lot to look forward to. Please remember that the value of investments can go down as well as up, and could be worth less than originally invested.