Standard Life, part of Phoenix Group, has completed the switch of 87,000 master trust pension scheme members to its ‘flagship’ workplace default solution, Sustainable Multi Asset Universal Strategic Lifestyle Profile (SLP).

Its Sustainable Multi Asset Universal SLP has now passed £1bn in assets under management.

This is the first phase of the firm’s plan to switch customers and establish sustainable strategies as the defined contribution (DC) default solution for its pension members, with over £15bn in total earmarked to move in 2022.

Sustainable Multi Asset Universal SLP is now the automatic default for both new and existing members of Standard Life’s Master Trust DC section of schemes.

Standard Life plans to transition a total of 1.5 million customers to sustainable strategies this year, with the transition of members in Active and Passive Plus III beginning in May, subject to appropriate market conditions.

Members in the remaining Active and Passive Plus range will then be switched to sustainable strategies by the end of 2022.

The Sustainable Multi Asset investment solutions integrate ESG targets “designed to manage pension growth through positive outcomes”, including a 50 per cent reduction in carbon emissions, screening out of controversial weapons, tobacco production, thermal coal and unconventional oil and gas, while also aiming to drive change through increased stewardship.

“Completing the DC Master Trust switch to our Sustainable Multi Asset strategies is a significant milestone, embedding ESG considerations at the heart of our pension savings offering,” said Standard Life workplace managing director, Gail Izat.

“Moving 87,000 members is no small feat and the learned experience has prepared us well for the next phase of switching when we’ll be moving close to £15bn in assets under management into sustainable solutions.”

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