View more on these topics

Drawdown boost pushes Standard Life pension profits up 7%


Standard Life saw pre-tax profits in its pensions and savings business grow 7 per cent to £151m in the first half of 2016, up from from £141m last year.

In its half year results, published today, the group said assets under administration in the division grew by 6 per cent to £139.2m from £131.6m in the same period in 2015.

Net inflows in the firm’s advised platform also increased to £2.1bn with assets under administration up 20 per cent to £28bn year-on-year.

In particular, the firm’s drawdown proposition increased by 8 per cent to £14.7bn in the first six months of 2016.

Standard Life chief executive UK & Europe Paul Matthews says: “Our UK pensions and savings business continues to deliver for customers through our leading savings and investment solutions.

“Wrap, our market-leading adviser platform, celebrates its tenth anniversary this year and continues to see strong demand from financial advisers with assets now £28bn. Our agreement to acquire the Elevate platform will further strengthen our position in the adviser market.”

However, the firm saw wholesale net outflows of £400m due to “a challenging environment for mutual funds” representing 2 per cent of AUM standing at £47.3bn.

Overall, assets under administration for the group were up 7 per cent to £328bn from £307.4m for the whole 2015, helped by gross inflows of £20.6bn and net inflows of £4.1bn.

Standard Life chief executive Keith Skeoch says: “Standard Life continues to make good progress towards building a world-class investment company, against a backdrop of volatile investment markets, by growing assets, profits, cash flows and returns to shareholders.

“Despite elevated uncertainty we are benefiting from our strong long-term relationships with a broad range of clients and customers who reacted in different ways to the changing market environment.”



Standard Life set to cut 70 roles

Standard Life is set to cut 70 job roles from its Edinburgh IT department. The investment firm hopes to meet the target through voluntary redundancy, according to the BBC. The headcount drop is meant to improve how Standard Life services customers, reacts to market needs and “delivers technology”. Standard Life chief information officer Mark Dixon […]


Standard Life could miss out on a third of Elevate assets

Standard Life could lose as much as a third of Axa Elevate assets following its acquisition of the platform this month, experts predict. Standard Life agreed a deal in May to acquire the £9bn Elevate platform for an undisclosed sum. The deal will almost double Standard Life’s customer base, bringing more than 160,000 advised clients […]

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?

Can UK companies satisfy global appetites?

By Mark Martin, Manager of Neptune UK Mid Cap Fund

Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. Ah Drawdown! Evidently it makes money for providers, it makes money for advisers, but one may ask how much does it make for the customers?

  2. When the complaints come in later Harry…… Written on the same day that I read that ill health annuities continue to fall.

Leave a comment