About Standard Life
Standard Life is a UK pensions and long-term savings provider offering a range of retirement-focused products including workplace pensions designed to help employers meet their auto-enrolment duties and support employees’ retirement savings. Their workplace offering includes Master Trust and contract-based pension solutions, backed by Phoenix Life Limited under the Standard Life brand with nearly 200 years of heritage in UK pensions and savings.
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Perkwise Insight
Standard Life is one of the UK's most established pension and long-term savings providers, offering workplace pension solutions including both trust-based Master Trust schemes and contract-based Group Flexible Retirement Plans (GFRP) and Group Self-Invested Pension Plans (GSIPP). Founded nearly two centuries ago, Standard Life combines traditional financial services expertise with modern pension administration. Since 2018, Standard Life has been owned by Phoenix Group (the UK's largest long-term savings and retirement business), which acquired the Standard Life Assurance business for £2.9 billion and subsequently purchased the Standard Life brand itself in 2021.
Mid-market to large companies
Custom quote
13m+ in the UK
Key Features & Benefits
Master Trust with Independent Trustee Board
Provides a trust-based workplace pension where an experienced independent Board of Trustees oversees the scheme, making decisions in members' best interests separate from Standard Life's commercial interests.
Trust-based structures offer an additional layer of governance and member protection. The trustees actively monitor fund performance, charges, and member outcomes, providing oversight that contract-based schemes (where the provider makes all decisions) don't offer. For employers who want maximum governance robustness, this trustee independence is significant.
Group Self-Invested Pension Plan (GSIPP)
Offers access to over 3,000 investment funds from global fund managers, allowing members to build bespoke portfolios or stick with simple default lifestyle profiles.
Most auto-enrolment providers offer 10-20 fund choices maximum. GSIPP's 3,000+ fund universe appeals to financially sophisticated employees (think tech companies, financial services firms, professional practices) where significant portions of the workforce actively manage investments.
Pension Transfer Flexibility and Conversion Options
Allows members to transfer other pensions into their Standard Life workplace pension with no charge, and automatically converts workplace pensions to personal pensions when employees leave.
Pension consolidation helps employees see their complete retirement picture rather than managing scattered pots across multiple providers. The automatic conversion to personal pensions when leaving employment means members maintain continuity and can keep contributing or simply leave funds growing without administrative hassles.
Implementation & Support
Setup Process
- Initial consultation and needs assessment
- Scheme design and documentation
- Payroll system integration
- Member communication preparation
- Testing and go-live
Technical Requirements
- Payroll system compatibility (Standard Life integrates with major UK providers)
- Secure data transfer capabilities
- Employee contact information for communications
- Management information systems for reporting
- Administrative access for ongoing scheme management
Support Options
- Phone Support:
- Dedicated Account Management
- Online Help Centre
- Email Support
- Adviser Support