Phoenix Group has announced a programme of investment for Standard Life, following its acquisition of the brand in May 2021.

The investment will be used to create digitally enabled products and services focused on sustainability and responsible investing.

Phoenix Group said the Standard Life brand was set to become “stronger, more relevant and visible”, with an increased focus on holistic lifetime solutions to support customers living longer lives.

“Standard Life is one of the most recognised names in life and pensions and we have ambitious investment plans built on its great heritage,” commented Standard Life chief executive, Andy Curran.

“With the capital and financial strength of Phoenix Group, and Standard Life’s extensive expertise in pensions and retirement, our ambition is to create an even more customer centric business with sustainability at its core.

“Accelerating our proposition innovation is central to this investment, from delivering better retirement income solutions using the strength of our group balance sheet to further harnessing data and digital technology to provide more timely and relevant information to customers.

“The investment we are making in our propositions and digital channels will allow us to deliver broader retirement options and make Standard Life relevant to even more customers and advisers now and in the years to come.”

Following the binding agreement, Phoenix Group’s bulk purchase annuity business and equity release business will align under the Standard Life brand.

Further investment in Standard Life is planned by Phoenix Group, with its ambition being to be at the “forefront” of retirement saving in the UK through product and service innovation.

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