Investment - Articles - Siemens appoints Standard Life as new Master Trust provider


Standard Life, part of Phoenix Group, has concluded the transition of over £1.6 billion of assets from the Siemens Investor Plan, following a competitive RfP and tender process. This included moving over 30,000 active and deferred members following a period of member consultation, the implementation concluded at the end of 2023.

 It is understood to be the largest move from Own Trust to Master Trust to come to market in the UK to date, based on the value of assets under management.

 Siemens’ DC advisers Isio supported the Joint Working Group through the provider selection exercise. The Working Group was made up of both Siemens and Trustee representatives.

 Gail Izat, Managing Director for Workplace at Standard Life said: “To be selected by Siemens as Master Trust provider for one of the biggest pension schemes in the market marks a significant milestone for our business and reflects the significant progress we’ve made in recent years to deliver a leading workplace proposition. We have been steadily developing our capability, investing in our proposition, our fund selection and digital capability to engage members. But it’s people who win business and build relationships, and the transaction was made possible thanks to the exceptional collaboration and engagement between all parties involved. We have worked in close partnership with the Siemens team to facilitate the transition to our Master Trust and we look forward to helping members in the years ahead achieve greater certainty as they continue to save for their futures.”

 Jo Udall, EMEA benefits lead, at Siemens, said: “This move is another step for us in improving our offering for our people. We’re a technology company in a competitive employment market, seeking the best talent who can help our customers transform their businesses for the future.
 
 “In moving to a Master Trust arrangement, we were looking not only for a company that could handle a transaction of this size but that would become a partner in managing the pension arrangements for our 30,000 members. Standard Life’s culture also reflects our own, giving us the added confidence in building a long-term relationship. Meanwhile, Standard Life’s on-going focus on digital developments, member engagement and its positive commitment to future investment as well as development of the Master Trust arrangement further reinforced our decision to make this important appointment.”
 
 Solid growth in its Workplace pensions business continues to see Standard Life win more of the bigger schemes coming to market.

 Around £3bn of new scheme assets are due to transfer to the Workplace business over the next two years, while it is also quoting on a significant pipeline of new schemes.
  

Back to Index


Similar News to this Story

Inheritance Tax raises almost GBP6 billion in 8 months
December’s update from HMRC shows that Inheritance Tax (IHT) receipts reached £5.7 billion through the first two-thirds of this financial year (April
PIC completes first Mosaic buyin with GCB Pension Fund
Pension Insurance Corporation plc (“PIC”) has concluded its first full scheme buy-in within Mosaic, PIC’s streamlined service for pension schemes with
Airways Pension Scheme complete longevity hedge with MetLife
The Trustees of the Airways Pension Scheme (“the Scheme”), Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc., (“MetLife”) and Z

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.