As part of the deal, Standard Life Aberdeen and Phoenix have also agreed to expand significantly their existing long-term strategic partnership.
The sale has been concluded on the basis of consideration of £2.28bn and a shareholding of approximately 19.98 per cent in the Enlarged Phoenix Group.
Phoenix will continue to offer workplace pensions under the Standard Life brand following the transaction, with Standard Life Aberdeen providing investment management, brand and marketing services. Ten million Phoenix customers will be offered advice and other services from Standard Life under the deal.
Standard Life Aberdeen will retain its Wrap, Elevate and Parmenion adviser platforms and its 1825 financial advice business, with £58bn of assets under administration (AUA)
Standard Life Aberdeen chairman Sir Gerry Grimstone says: “This is a momentous day for Standard Life Aberdeen as we continue to build a world-class investment company. Corporate transformations of this scale require clear vision and huge commitment from all those involved. Maintaining continuity of service and enhancing optionality for all our customers and clients has been a key imperative. My very best wishes for the future to all our employees and customers who are transferring to Phoenix”.