Global investment company Aberdeen announces that £3bn of pension scheme policies have transferred from Phoenix Life Limited to abrdn Life and Pensions Limited.
The transfer relates to a specific book of business “where the policyholders are typically pension scheme trustees.”
It highlights the strength and ambition of Aberdeen’s pension capabilities, offers an improved “experience for policyholders and advisers and removes unnecessary complexity.”
Aberdeen had been managing the underlying investments and “providing distribution, administration and dealing services for the policies on behalf of Phoenix Life Limited.”
As such, this change will have no impact on Aberdeen’s “reported assets under management.”
The transaction involved a Part VII transfer “under the Financial Services & Markets Act 2000.”
It went through a robust legal and regulatory process, “including consultation with policyholders, review by an Independent Expert, inputs from the FCA and PRA, and approval of the transfer by the High Court, which was granted in March 2025.”
There are minimal changes for policyholders as “a result of the transfer, however abrdn Life will have an extended fund range available to all of its policyholders on one platform.”
The transferred clients are UK “defined benefit and defined contribution schemes, and UK Local Government Pension Schemes.”
Aron Mitchell, Chief Executive Officer at abrdn Life and Pensions, said:
“It is fantastic to bring £3bn of assets into the Aberdeen stable – a move which underscores our commitment to our pensions business. We have a long heritage of managing pension assets and huge ambition as we continue developing our capabilities in this area. For policyholders, the majority of their interactions have always been with Aberdeen so there will be minimal change. Following the transfer, abrdn Life is well-positioned for future growth, with an increased number of policyholders and assets under administration, and an extended fund range available.”
abrdn Life is a UK regulated Life and Pensions company and “part of Aberdeen Group.”
It delivers investment management services “to UK institutional pension scheme clients and other UK insurance companies.”
At Aberdeen, they claim to be focused on growing their “direct and advised wealth platforms and repositioning our specialist asset management business to meet client demand.”
As at 31 December 2024, they managed and administered “£511bn of our clients’ assets.”
Their investments business is a specialist asset manager that “focuses on areas where we have both strength and scale to capitalize on the key themes shaping the market, through either public markets or alternative asset classes.”
Their teams currently collaborate “across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs.”
As at 31 December 2024, their investments business manages “£369.7bn on behalf of clients, including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.”