Phoenix Group will continue to invest in the Standard Life brand as it aims to grow in a number of key markets, including workplace pensions.
Phoenix bought the Standard Life brand from Standard Life Aberdeen (now abrdn) in May this year, and it plans to use this brand to expand in a number of its key business areas. As well as the Standard Life name being used for workplace pensions, the brand will also be used across Phoenix Group’s bulk purchase annuities, lifetime mortgages and retail savings businesses.
Standard Life chief executive Andy Curran says: “Standard Life is one of the most recognised names in life and pensions.
“With the capital and financial strength of Phoenix Group, and Standard Life’s extensive expertise in pensions and retirement, our ambition is to create a more customer-centric business with sustainability at its core.
“Accelerating our proposition innovation is central to this investment, from delivering better retirement income solutions using the strength of our group balance sheet to further harnessing data and digital technology to provide more timely and relevant information to customers.
“The investment we are making in our propositions and digital channels will allow us to deliver broader retirement options.
In recognition of the brand’s profile and strength, the Phoenix Bulk Purchase Annuity (BPA) business, and equity release business, will align under the Standard Life brand. In addition, a range of retail lifetime mortgage products will be marketed through Standard Life Home Finance, as part of a strategic agreement with Key Group.
Phoenix Group recently announced 2025 and 2030 interim targets as part of its roadmap to net zero by 2050. This will see the carbon emissions of £250bn AUA reducing by at least 50 per cent by 2030. As part of this group Standard Life will also be setting interim target to ensure its investment portfolios achieve net zero carbon by 2050.
Curran also announced there will be some ‘subtle changes’ to the look and feel of the Standard Life brand, following customer research. The company says the focus will be on “modernising the visual identity and and improving digital accessibility”.
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