As it published its annual accounts today Chairman Gerry Grimstone said: "We have been based in Scotland for 189 years and we are very proud of our heritage.
"Scotland has been a good place from which to run our business and to compete around the world.
"We very much hope that this can continue. But if anything were to threaten this, we will take whatever action we consider necessary – including transferring parts of our operations from Scotland – in order to ensure continuity and to protect the interests of our stakeholders.
"We will continue to seek further clarity from politicians on both sides of the debate, so that we can reach an informed view on what constitutional change may mean for our customers, our business and our shareholders."
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The firm, an IFP corporate member, said customers have been asking what impact this would have on their savings and investments with Standard Life.
In a statement on its website it said: "We have started work to establish additional registered companies to operate outside Scotland, into which we could transfer parts of our operations if it was necessary to do so.
"This is a purely precautionary measure, and customers do not need to take any action.
"We are simply putting in place a mechanism which, in the event of constitutional change, allows us to provide continuity to customers and to continue serving them, wherever they live in the UK."
It added: "Our key priority is to continue serving the needs of our 4 million UK customers, wherever they reside and regardless of any constitutional change."