The Standard Life Master Trust passed the £10 billion mark this month, as it continues to win new schemes in the workplace pensions market.
In total the trust has doubled its assets under administration in three years. This growth has been helped by buoyant investment returns i over this period, and strong organic growth, with it winning close to 30 new schemes since Q1 2021.
This growth made a significant contribution to results for Standard Life’s workplace business which recorded net fund flows of around £4.5bn last year — nearly double the previous year.
This included the transfer of c.£2bn of new scheme assets and one of the largest workplace schemes tendered in the UK market in recent years.
According to Corporate Adviser’s most recent Master Trust and GPP report Standard LIfe topped the table for the highest number (by value) of bulk transfers into its master trust. This stood at £1.97bn for 2023. In terms of total DC bundled assets, Standard LIfe is fifth in the workplace market, with £55.8bn around half of Aviva’s £110.6bn which tops the table.
Donna Walsh head of master trust at Standard Life says: “We have seen phenomenal growth in our master trust especially in the last three years. We’ve been winning some of the biggest schemes in the market, while also retaining and growing our existing client base. This has been combined with a focus on accelerating digital access for members and providing digital tools to help them achieve greater financial wellbeing on the journey to and through retirement.”