Sustainable transformation for 87,000 Standard Life Master Trust members

by | May 3, 2022

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  • 87,000 Master Trust members successfully switched to new Sustainable Multi Asset Universal Strategic Lifestyle Profile (SLP), Standard Life’s flagship workplace default solution.
  • Sustainable Multi Asset Universal SLP passes One Billion Pound (£1 billion) Asset Under Management milestone.

Standard Life, part of Phoenix Group, has successfully completed the switch of 87,000 Master Trust pension scheme members to its flagship workplace default solution, Sustainable Multi Asset Universal SLP.

This is the first phase of Standard Life’s ambitious plans to switch customers and establish sustainable strategies as the Defined Contribution (DC) default solution for its pension savers, with over £15bn in total earmarked to move in 2022.

Following the switch, Assets Under Management in Sustainable Multi Asset Universal SLP have passed the billion-pound mark (£1 billion) and currently total £1,100,000,000.

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

Gail Izat, Workplace Managing Director, Standard Life, part of Phoenix Group said: “Completing the DC Master Trust switch to our Sustainable Multi Asset strategies is a significant milestone, embedding Environmental, Social and Governance (ESG) considerations at the heart of our pension savings offering. 

“Moving 87,000 members is no small feat and the learned experience has prepared us well for the next phase of switching when we’ll be moving close to £15 billion in Assets Under Management into sustainable solutions.”

In total, Standard Life plans to transition 1.5 million customers and a total of circa £15 billion in assets to its sustainable strategies during 2022. The transition of members in Active and Passive Plus III will commence in May, subject to appropriate market conditions.

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

The Sustainable Multi Asset investment solutions integrate clear ESG targets designed to manage pension growth through positive outcomes.

These include a 50% reduction in carbon emissions, screening out of controversial weapons, tobacco production, thermal coal and unconventional oil and gas, while also driving positive change through increased stewardship across a team comprising over 50 ESG stewardship and investment specialists.

ESG factors are considered from a financially material perspective, rather than a moral perspective, to identify areas that could have a positive or negative impact on a company’s business model.

Sustainable Multi Asset Universal SLP’s increased equity exposure, targeting good customer outcomes, is underpinned by ESG components which aim to hold up to 80% by the end of 2022, in the growth phase of the investment.

 Standard Life, as part of Phoenix Group, is focused on ensuring its investment portfolios achieve net zero carbon by 2050.

Phoenix Group recently announced 2025 and 2030 interim targets as part of its roadmap to net zero by 2050. This will see the carbon emissions of £250bn Assets Under Management reducing by at least 50% by 2030.

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