Growth in Standard Life’s workplace pension business remained steady in 2025, its annual report has revealed.
According to the 23-page results document, net inflows for workplace pensions remained at £5.3bn, the same level as in 2024.
That was despite gross inflows increasing to £10bn, up from £9.3bn in 2024, indicating higher withdrawals in 2025.
However, new workplace members grew by 14 per cent to 247,000 in 2025, bringing the total to 3mn.
Andy Briggs, group chief executive at Standard Life, said: “This is a structurally growing market, and the investment we’ve made in our offering in recent years is paying off.
“New business and retention remained strong, and our total workplace customer base reached three million for the first time.”
Elsewhere, the value of annuity premiums written rose to £1.2bn, up from £1bn in 2024, to a market share of 15 per cent.
Briggs said: “Individual annuity sales also grew for the third consecutive year since re-entering the market, supported by customer demand for income certainty and attractive rates.”
The volume of pension risk transfers decreased to £3.9bn, down from £5.1bn in 2024, despite Standard Life’s largest ever deal at £1.9bn.
Briggs says it has been a good start for the Pension Risk Transfer business, in 2026 “with an additional £1.6bn of transactions completed or at an exclusive stage.”
Overall, Briggs is excited about 2026, welcoming change in the pensions and savings industry.
“The pension schemes bill will lay the foundations for a move to fewer, larger workplace schemes and creates the potential for greater value for money.
“We are expecting an interim report from the Pension Commission in the coming months which will set out the challenge society collectively needs to address under-saving.
“This is a once in a generation opportunity to ensure we tackle current levels of under-saving and help people to engage with their financial futures.”
hereward.mills@ft.com
