Transfer of the Standard Life UK Trustee Investment Plan to ASI Life
As part of the simplification and extension of the strategic partnership between abrdn plc and Phoenix Group Holdings (“Phoenix Group”) announced today, we are pleased to confirm the purchase of the Standard Life UK Trustee Investment Plan (“SL UK TIP”) business from Phoenix Group. Currently the SL UK TIP is a unit-linked policy issued by Standard Life Assurance Limited, part of Phoenix Group. abrdn manage the underlying investments and provide all distribution, administration and dealing services on the SL UK TIP policies.
Under the terms of the arrangements announced today, it is intended that the unit-linked policies will transfer to Aberdeen Standard Investments Life & Pensions Limited, a subsidiary of SLA plc. This will be achieved by way of a transfer under Part VII of the Financial Services and Markets Act 2000, known as a “Part VII transfer”, which is a court-sanctioned legal transfer of policies from one insurance company to another.
This transaction underscores abrdn’s commitment to the UK Pensions market and allows abrdn to consolidate its investments offering for UK pension scheme clients. The transfer process is subject to regulatory and court approval and is not expected to complete until 2022. At this time there will be no changes to your investment funds or servicing arrangements. We will be in touch in due course as part of the transfer to explain any impact the change will have.
If you have any questions in the meantime, please contact your abrdn relationship manager or email firstname.lastname@example.org.