Standard Life won £6.2bn of new workplace pension schemes in the last six months, including its largest ever client win as it secured further growth across its pensions and savings business.
These figures were contained in its 2026 half-year results, with the workplace business delivering net inflows of £2.3bn during the first of the year.
The stock market announcement also confirmed that its acquisition of Aegon UK was on track, with the £2bn deal expected to complete by the end of the year, subject to regulatory approvals.
Standard Life says this would make it the largest player in the wider UK pensions and savings market on a pro forma basis, with it taking the number two position in the UK workplace market.
The insurer also reported strong momentum in across the pension risk transfer and individual annuity markets — delivering new business premiums of £2.2bn during the first half of 2026. This compares to premiums of £0.9bn in the first half of 2025.
In the PRT business Standard Life wrote £1.6bn of business over this period, again a significant increase on the £0.3bn on the same period in the previous month. It added that is it “actively quoting” on a pipeline of around £7bn.
Standard Life is also looking to further build this business through the recently announced strategic partnership with CVC Capital Partners, Prudential Financial and Goldman Sachs. It says this partnership will enable it to quote more competitive on a wider range of PRT deals and is expected to launch in early 2027.
The company is also looking to expand its advice proposition to include inheritance tax planning and aim to launch our first targeted support proposition around the end of this year.
Overall, Standard Life announced an operating profit (IFRS adjusted) of £563m, up 25 per cent on a year-on-year basis. Within its pensions and savings business its AUA grew by 10 per cent year on year to £217bn.
Standard Life CEO Andy Briggs says: “Standard Life continues to demonstrate exciting momentum against our vision to be the UK’s leading retirement savings and income business.
“Our strong half year results reflect how we are helping more customers achieve better outcomes and we remain on track to deliver our 2026 financial targets, while our profitable growth and strong cash generation is increasing our financial flexibility.
“The £2bn acquisition of Aegon UK and our recently announced UK PRT partnership will further strengthen our capabilities and customer offering.
“As the industry, regulators, and Government focus on improving outcomes for savers, Standard Life is playing its part by supporting reforms around value for money, default scale, and retirement income.”