Following a competitive request for proposal (RfP) and tender process, the Siemens Investor Plan has appointed Standard Life, part of Phoenix Group, as its new master trust provider, transitioning over £1.6bn of assets to the group.

Standard Life led the transition, which concluded at the end of 2023, moving over 30,000 active and deferred members following a period of member consultation.

This is thought to be the largest move from own trust to master trust to come to market in the UK to date, based on the value of assets under management.

Siemens’ DC advisers, Isio, supported the joint working group through the provider selection exercise, including both Siemens and trustee representatives.

Commenting on the news, Siemens EMEA benefits lead, Jo Udall, stated: “This move is another step for us in improving our offering for our people.

"We’re a technology company in a competitive employment market, seeking the best talent who can help our customers transform their businesses for the future.

“In moving to a master trust arrangement, we were looking not only for a company that could handle a transaction of this size but that would become a partner in managing the pension arrangements for our 30,000 members. Standard Life’s culture also reflects our own, giving us the added confidence in building a long-term relationship.

“Meanwhile, Standard Life’s on-going focus on digital developments, member engagement and its positive commitment to future investment as well as development of the master trust arrangement further reinforced our decision to make this important appointment.”

Adding to this, Standard Life managing director for workplace, Gail Izat, said: “To be selected by Siemens as master trust provider for one of the biggest pension schemes in the market marks a significant milestone for our business and reflects the significant progress we’ve made in recent years to deliver a leading workplace proposition.

“We have worked in close partnership with the Siemens team to facilitate the transition to our master trust and we look forward to helping members in the years ahead achieve greater certainty as they continue to save for their futures.”

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