Standard Life assembles £2bn pension risk transfer partnership

Standard Life today set out a partnership with CVC Capital Partners, Prudential Financial, Goldman Sachs and MS&AD to expand its UK pension risk transfer business, with an initial capital commitment of up to £2bn and completion expected in the first half of 2027, subject to regulatory approval.

The arrangement will operate through Standard Life's existing regulated insurance platform rather than a new carrier, suggesting the project is adding capital around an established insurance vehicle.

Standard Life said the partnership combines its PRT capabilities with private markets asset origination from CVC, PGIM, Prudential Financial's asset management business, and Goldman Sachs Alternatives. In bulk annuities, writers need long-dated assets for asset-liability matching, so that origination role points to the asset supply needed to support pension risk transfer growth.