Aberdeen transfers £3bn of pension scheme policies from Phoenix Life Limited

Written by Callum Conway

04/04/2025

Aberdeen has announced that £3bn of pension scheme policies have transferred from Phoenix Life Limited to abrdn Life and Pensions Limited (abrdn Life).

The transfer relates to a specific book of business in which the policyholders are typically pension scheme trustees. Aberdeen said this would improve the experience for policyholders and advisers and remove unnecessary complexity.

Aberdeen had already managed the underlying investments and provided distribution, administration, and dealing services for the policies on behalf of Phoenix Life Limited, so this change will not impact Aberdeen’s reported assets under management.

The transaction involved a 'Part VII' transfer under the Financial Services & Markets Act 2000, and went through a robust legal and regulatory process, including consultation with policyholders, review by an independent expert, inputs from regulatory bodies and approval of the transfer by the High Court, which was granted in March 2025.

The firm said that the transfer would result in minimal changes for policyholders; however, abrdn Life will have an extended fund range available to all of its policyholders on one platform.

The transferred clients were UK-defined benefit and contribution schemes and local government pension schemes.

Abrdn Life and Pensions chief executive officer, Aron Mitchell, commented on the transfer: “It is fantastic to bring £3bn of assets into the Aberdeen stable – a move which underscores our commitment to our pensions business.

"We have a long heritage of managing pension assets and huge ambition as we continue developing our capabilities in this area.

“For policyholders, most of their interactions have always been with Aberdeen, so there will be minimal change.

"Following the transfer, abrdn Life is well-positioned for future growth, with an increased number of policyholders and assets under administration and an extended fund range available.”

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