Standard Life has been appointed by BT to develop a Corporate Self Invested Personal Pension (CSIPP) plan in place of its trust based defined contribution (DC) schemes.

20,000 BT employees will be enrolled in the CSIPP, and Standard Life was selected following a comprehensive review and consultation process by BT of all existing UK pension arrangements. April 2009 will mark the launch of the scheme, and the first people will transition from existing arrangements.

"Standard Life has a competitive edge in the corporate pensions market which has been acknowledged by BT," said Andrew Dickson, senior business development manager at Standard Life Corporate Solutions. "The corporate SIPP will deliver a blend of innovation, service and quality which matches the requirement of BT to introduce a cost effective, flexible and sustainable pension arrangement for employees. The scheme will set a new benchmark in the corporate pensions market through the mix of innovative contribution structure, including underpins for lower earners and generous employer matching, as well as auto enrolment, share save roll over and scheme governance.

"The corporate solutions proposition is a core part of our business and the UK market is rapidly evolving. We will continue to look for opportunities that allow us to innovate and deliver value for employers and employees," Dickson added.
BT has services operating in 170 counties worldwide.

Meanwhile, Standard Life Investments has been awarded an investment trust mandate in the completion of a merger between Standard Life UK Smaller Companies Trust plc (SLS) and Gartmore Smaller Companies Trust (GSM)).

Only 0.2 per cent of SLS shareholders that voted were against the merger. From 8am on 4 February, SLS has gross assets of approximately £63million.

- Pensions Age February 2009

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