• Press releases
  • Standard Life appointed as ‘safe haven’ provider for scammed pension savers
  • Standard Life Master Trust chosen to support defrauded pension savers
  • Appointment follows competitive industry-wide market review conducted by Evelyn Partners on behalf of Dalriada Trustees
  • Standard Life to focus on member care, bespoke communication and building trust to support victims of pension fraud
  • Dalriada Trustees working to secure benefits for over 100 defrauded schemes with almost 7,000 members, with the Standard Life Master Trust the trusted home for the members’ compensation payments

Members defrauded of their pensions saving will have their pension re-established with the appointment of Standard Life to run a new scheme for members receiving restorative compensation from the Fraud Compensation Fund (FCF).

Dalriada, the trustee appointed by The Pensions Regulator to represent almost 7000 members across over 100 distressed schemes, was tasked with finding a new ‘safe haven’ pension provider for those defrauded of their pension savings. Due to the unique circumstances and with no employers involved in any decision making, Evelyn Partners supported Dalriada in the process to select Standard Life as the ‘safe haven’ provider for these members.

In addition to the technical ability to provide a scheme for these members to regain access to their pension savings, a key requirement was the ability to demonstrate a deep understanding of the trauma and upset they experienced in losing their life savings, and to support them in regaining trust and confidence in pension savings once again. Standard Life assembled a dedicated team led by Senior Business Development Manager, David Yule, to showcase its capabilities and the support available to vulnerable customers, while the Trustees of the Standard Life Master Trust, in demonstrating its robust governance framework, played an integral role in helping the bid process and securing the appointment.

Having supported the scheme bid, Donna Walsh, Head of Master Trust at Standard Life is conscious of the added responsibility towards members. “Losing all your pension savings is simply unthinkable. Saving into a pension is based on trust and the expectation that all those involved, from employers and trustees to the scheme provider, are acting in your best interests. While we are absolutely delighted to be appointed by Dalriada, we are also hugely conscious of the added responsibility we have to members to help restore their faith in pensions and to help them feel comfortable in how we are managing their savings. It’s a unique challenge where we are providing a range of wrap-around care and developing bespoke communications and resources to help them as they take steps to re-establish their pensions savings. This appointment puts us in a privileged position to use all our experience and knowledge for a ‘social good’. We are extremely proud that we have this opportunity to help our new members in this way.”

Dalriada board director and chair, Tom Lukic, added: "We were meticulous when making this selection, with Standard Life standing out in its understanding of the members’ needs, the terrible circumstances they have endured and its ability and willingness to adapt its processes to provide them with additional support to reconnect with their pension savings. In appointing the Standard Life Master Trust, we are providing victims with a ‘safe haven’ provider, a trusted brand and reassurance they deserve but have been denied for many years. The FCF is truly a lifeline for victims and this appointment gives confidence to others in the same position, who have suffered uncertainty for a number of years, that there is now some light at the end of the tunnel.”

Phil Harwood, Head of Pension Consultancy in the Employee Benefits team at Evelyn Partners, advisers on the appointment of Standard Life, commented: “We were pleased to be asked to carry out a market review and conduct research to find a pension provider with a suitable receiving arrangement. This required not only that we found a suitable structure to take the retrieved funds but also consider the most suitable provider and communications for people who may have lost faith in pensions and are nervous about the pension market. We are proud to have helped Dalriada find a receiving arrangement with an excellent governance framework and effective communications from a reputable firm with an established pension master trust.”

ENDS

Enquiries

Darragh Leeson
Standard Life
07707270001
darragh_leeson@standardlife.com

Notes to editors:

About Standard Life 

  • Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years 
  • Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
  • Standard Life is part of the Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together
  • Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
  • We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.
  • Standard Life is the proud headline sponsor of Race for Life, Cancer Research UK’s flagship fundraising event series.

About Dalriada Trustees

  • Dalriada Trustees Limited is a professional trustee which has operated since 2003. Dalriada provides all forms of pension scheme trusteeship, pensions management and governance services to UK defined contribution and defined benefit pension schemes of all sizes.
  • In addition to acting as a trustee of ongoing pension schemes, Dalriada is one of the leading trustees in the specialist area of managing the transfer of schemes into the Pension Protection Fund where the employer has become insolvent.
  • Dalriada’s team of independent trustee representatives is located throughout the United Kingdom and supported from its administrative offices in Belfast, Birmingham, Bristol, Glasgow, Leeds, Manchester and London.

About Evelyn Partners

  • We are a wealth management and professional services group, created following the merger of Tilney and Smith & Williamson in 2020. With £62.2 billion of assets under management (as at 30 June 2024) we are one the largest UK wealth managers and are also the seventh largest UK accountancy firm ranked by fee income (source: Accountancy Age 50+50 rankings, 2023). Evelyn Partners was named Accountancy Firm of the Year in the 2023 City AM Business Awards.
  • We have a network of offices across 29 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands. Through our operating companies, the Group offers an extensive range of financial and professional services to individuals, family trusts, professional intermediaries, charities and businesses.
  • Our purpose is ‘to place the power of good advice into more hands’, and we are uniquely well-placed to support clients with both their personal financial affairs and their business interests. Our personal wealth management services include financial planning, investment management and advice, personal tax advice and, through Bestinvest, an award-winning online investment and coaching service for self-directed investors. For businesses, our wide range of services includes assurance and accounting, business tax advice, employee benefits, forensic advice, fund administration, fund governance, recovery and restructuring and transaction services.
  • For further information please visit: www.evelyn.com

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