Standard Life has partnered with a consortium led by private equity house CVC Capital Partners and US insurer Prudential Financial, subject to regulatory approval. The partnership is providing capital of up to £2bn to expand Standard Life's risk transfer business, with the intention of focusing on the largest and most complex schemes.  

Goldman Sachs and Japanese firm MS&AD Insurance Group are also in the consortium, along with other institutional investors. The combined initial capital commitment of up to £2bn is expected to be drawn over five years. It includes £500m from Standard Life, previously known as Phoenix Group, that it expects to fund from yearly excess cash. Standard Life will have operational control of the partnership and receive fee-based payments from the consortium for this.  

Standard Life aims to expand the buyout business "across a broader range of sizes, including the largest and most complex" defined benefit schemes. The insurer believes schemes at the upper end of the market will drive "a significant and growing" share of the £350bn to £550bn UK scheme assets it expects to be derisked over the coming decade. 

The consortium will also give Standard Life access to private market assets. It said CVC, PFI’s asset management business PGIM and Goldman Sachs Alternatives will originate "high-quality assets to back pension scheme liabilities" for both the JV and Standard Life’s existing risk transfer business. The insurer and pension provider hopes this will allow it to offer trustees innovative terms on complex transactions.  

Standard Life's group chief executive, Andy Briggs, said by bringing together SL's risk transfer capabilities with its partners’ specialist private markets capabilities and capital resources, the insurer will be able to offer trustees and sponsors for the largest pension schemes an alternative to secure the pensions of their members across the UK. 

"This partnership further accelerates Standard Life’s vision to become the UK’s leading retirement savings and income business," Briggs said. 
  

Nuwan Goonetilleke, CEO of Standard Life PRT Solutions and interim CEO of retirement solutions and asset management, said the consortium approach "enhances our ability to deliver competitive pricing and innovative structuring for trustees, whilst maintaining Standard Life’s independence and control”. 

  

The partnership is "ideally suited to CVC’s insurance asset management franchise and credit origination capabilities", said Peter Rutland, president at CVC. 

 

Phil Waldeck, head of US businesses at PFI, called the JV "a highly strategic investment", adding: "Our participation reflects our strong conviction in Standard Life’s differentiated proposition and its track record in delivering outcomes for pension scheme trustees and members.” 

 

In the 12 months ending June 2025, Standard Life completed 11 pension risk transfers, giving it a market share of 9%, according to consultancy Hymans Robertson. it had a team of 250 working on bulk annuities – one of the largest in the market. Administration is provided by Equiniti. 

SL's most recent transactions include a £260m buy‑in with the ReAssure Staff Pension Scheme and a £200m deal with the Abbey Life Assurance Company Ltd Staff Pension Scheme. Last year, it won a £1.9bn full buy-in of the Sedgwick Section of the MMC UK Pension Fund among others. 

Pension risk transfer partner at LCP, Charlie Finch, noted that to date, only three insurers have written transactions of more than £2bn – Legal & General, Pension Insurance Corporation and Rothesay.  

"The buy-in market has been extremely competitive over 2026, with LCP clients benefitting from record pricing. For larger schemes seeking to manage risk through buy-ins it is positive to see this development, which demonstrates confidence in the UK PRT market by a range of institutional investors,” he said.

SL expects total returns will support its yearly mid-single digit per cent operating cash generation growth and support its IFRS-adjusted operating profit over time. 

"The near-term impacts to Standard Life’s Shareholder Capital Coverage Ratio (SCCR) and its Solvency II debt leverage ratio are expected to be minor," the firm added.  

SL is also expanding through M&A, being in the process of buying Aegon UK. The acquisition will be funded with a combination of £650m debt issuance before completion, cash, and £181.1m of newly issued shares in Standard Life, with Aegon becoming a 15.3% shareholder subject to a lock-up, as well as asset management partner with a non-executive director on the board.