Siemens appoints Standard Life as its new Master Trust provider

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• Over 30,000 Siemens members move to Standard Life Master Trust
• Standard Life led the transition of over £1.6bn of assets under management

Standard Life, part of Phoenix Group, has concluded the transition of over £1.6 billion of assets from the Siemens Investor Plan, following a competitive RfP and tender process. This included moving over 30,000 active and deferred members following a period of member consultation, the implementation concluded at the end of 2023.

It is understood to be the largest move from Own Trust to Master Trust to come to market in the UK to date, based on the value of assets under management.

Siemens’ DC advisers Isio supported the Joint Working Group through the provider selection exercise. The Working Group was made up of both Siemens and Trustee representatives.

Gail Izat, Managing Director for Workplace at Standard Life said: “To be selected by Siemens as Master Trust provider for one of the biggest pension schemes in the market marks a significant milestone for our business and reflects the significant progress we’ve made in recent years to deliver a leading workplace proposition. We have been steadily developing our capability, investing in our proposition, our fund selection and digital capability to engage members. But it’s people who win business and build relationships, and the transaction was made possible thanks to the exceptional collaboration and engagement between all parties involved. We have worked in close partnership with the Siemens team to facilitate the transition to our Master Trust and we look forward to helping members in the years ahead achieve greater certainty as they continue to save for their futures.”

Jo Udall, EMEA benefits lead, at Siemens, said: “This move is another step for us in improving our offering for our people. We’re a technology company in a competitive employment market, seeking the best talent who can help our customers transform their businesses for the future.

“In moving to a Master Trust arrangement, we were looking not only for a company that could handle a transaction of this size but that would become a partner in managing the pension arrangements for our 30,000 members. Standard Life’s culture also reflects our own, giving us the added confidence in building a long-term relationship. Meanwhile, Standard Life’s on-going focus on digital developments, member engagement and its positive commitment to future investment as well as development of the Master Trust arrangement further reinforced our decision to make this important appointment.”

Solid growth in its Workplace pensions business continues to see Standard Life win more of the bigger schemes coming to market. Around £3bn of new scheme assets are due to transfer to the Workplace business over the next two years, while it is also quoting on a significant pipeline of new schemes.

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About Siemens

Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In fiscal 2023, which ended on September 30, 2023, the Siemens Group generated revenue of €77.8 billion and net income of €8.5 billion. As of September 30, 2023, the company employed around 320,000 people worldwide. Further information is available on the Internet at www.siemens.com.