Standard Life transitions 87,000 core trust members to sustainable multi-asset solution

Standard Life, part of the Phoenix Group, has completed the transfer of 87,000 members from the main trust’s pension plan to its ‘flagship’ default workplace solution, Sustainable Multi Asset Universal Strategic Lifestyle Profile (SLP). .

Its Sustainable Multi Asset Universal SLP has now exceeded £1 billion in assets under management.

It is the first phase of the company’s plan to switch customers and establish sustainable strategies as a defined contribution (DC) default solution for its pension members, with more than £15bn sterling in total intended to move in 2022.

Sustainable Multi Asset Universal SLP is now the automatic default for new and existing members of the Master Trust DC section of Standard Life schemes.

Standard Life expects to transition a total of 1.5 million clients to sustainable strategies this year, with the transition of members into Active and Passive Plus III beginning in May, subject to appropriate market conditions.

Members of the remaining Active and Passive Plus range will then be switched to sustainable strategies by the end of 2022.

Multi-asset sustainable investment solutions incorporate ESG goals “designed to manage pension growth through positive outcomes”, including 50% reduction in carbon emissions, elimination of controversial weapons, tobacco production , thermal coal, and unconventional oil and gas, while also aiming to drive change through increased stewardship.

“The completion of DC Master Trust’s transition to our Sustainable Multi Asset strategies is an important milestone, integrating ESG considerations into the core of our retirement savings offering,” said Gail Izat, Managing Director of Standard Life Workplace.

“Transferring 87,000 members is no small feat and the experience gained has prepared us well for the next phase of transition when we move nearly £15 billion of assets under management into sustainable solutions.”