Standard Life offloads workplace pensions book to Phoenix Group
Standard Life has announced the sale of its workplace pensions business to Phoenix Group.
This comes just days after the collapse of a proposed merger with Scottish Widows had been announced. Standard Life had in recent years been the largest workplace pensions provider in the UK. It will continue to market and distribute the workplace pensions, which will retain the Standard brand name, on a white-label basis, while the back office administration and ownership of the schemes will transfer to Phoenix.
A Standard Life source says it is too early to say whether there will be any job losses.
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