Pensions and retirement savings provider Standard Life said it had £10bn of gross inflows to its Workplace business in 2025, up from £9.3bn in 2024, as new Workplace members climbed 14% to 247,000.
Announcing its 2025 financial results today, the company said it now has 3m Workplace customers, although net inflows remained at £5.3bn for the second year running.
It said the move was being made to “bring our strongest and most trusted brand to the fore.”
The business re-entered the growing annuity market in 2023 and said market share increased to 15% last year as Individual annuity premiums written was £1.2bn, up a fifth from £1bn the previous year.
Andy Briggs, group chief executive officer of Standard Life plc said: “Individual annuity sales grew for the third consecutive year since re-entering the market, supported by customer demand for income certainty and attractive rates.
The firm reported that there were £3.9bn pension risk transfer volumes written in 2025, down from £5.1bn in 2024. It said that during the year it completed its largest ever pension risk transfer deal at £1.9bn.
Mr Briggs said the performance “reflects the continued confidence from trustees and sponsors in our employer proposition, excellent member experience, and competitive pricing.” He added that 2026 “has started well” with an additional £1.6bn of transactions completed or at an exclusive stage.
Looking ahead he said 2026 will be significant for the pensions and long-term savings industry “with a series of initiatives that have the potential to improve outcomes for savers.”
He said the Pension Schemes Bill will lay the foundations for a move to fewer, larger workplace schemes and “creates the potential for greater value for money.”
He pointed out that there are also steps to introduce more standardised retirement income solutions for those who want a ready-made option.
Mr Briggs said: “We are expecting an interim report from the Pension Commission in the coming months which will set out the challenge society collectively needs to address under-saving. This is a once in a generation opportunity to ensure we tackle current levels of under-saving and help people to engage with their financial futures.”