Standard Life appoints Claire Altman to drive growth in Defined Benefit and Individual Retirement markets

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• Claire Altman will lead Standard Life’s go-to-market strategy in a newly created leadership position targeting new business growth and deep client relationships
• The new role will focus on advancing strategic partnerships and retirement propositions across different markets including Standard Life’s strategy in the Bulk Purchase Annuity (BPA) and Individual Retirement markets
• Claire will report to Mike Eakins, Chief Investment Officer, responsible for the Retirement Solutions and Asset Management function as Phoenix Group strategically aligns the business with investment priorities and capital deployment opportunities

Standard Life, part of Phoenix Group, has promoted Claire Altman to the newly established position of Business Development & Origination Director, underscoring the business’ commitment to proactive client engagement in the strategically important Defined Benefit and Individual Retirement markets.

Claire will oversee the development of all client relationships and business growth strategies within the retirement market and follows on from her previous role as Managing Director for Individual Retirement at Standard Life. In her new role, she will lead Standard Life’s Defined Benefit Solutions strategy, heading up an experienced team of risk transfer specialists. With a strong focus on business development Claire will be at the forefront of Standard Life’s client engagement—working closely with trustees, consultants, and existing clients to anticipate needs, identify opportunities and deliver innovative, tailored solutions.

The creation of the Business Development & Origination Director role follows the decision earlier this year to integrate the Retirement Solutions and Asset Management teams within Phoenix Group into a single business area. The new division will price, manufacture and manage retirement products that go to market under the Standard Life brand, supported by Phoenix Group’s financial strength and resilient balance sheet, which will continue to manage the investments that back them. This will enable faster and more flexible responses to customer and market needs, while maintaining a strict focus on risk management.

The new role will report directly into Chief Investment Officer Mike Eakins, who leads the combined Retirement Solutions and Asset Management division.

Claire Altman, Business Development & Origination Director said, “I am excited to take on this new role at a time of significant change in the pensions industry. For those working within the defined benefit space, the legislative framework outlined in the Pension Schemes Bill will bring new complexities that will influence the thinking of DB schemes trustees and their sponsors.

“As we continue to navigate the evolving legislative and market environment, our focus remains firmly on deepening partnerships with our clients, trustees and consultants. The pace of change means there’s a renewed emphasis on delivering practical, tailored solutions that ultimately give people greater certainty regarding their retirement income. Our recent £1.9bn buy-in with the Sedgwick section of the MMC UK Pension Fund is a great example of this given the complexities involved and represented our largest deal to date.”

Claire joined Standard Life in 2021 from Smart Pension where she was Chief Corporate Officer and was previously a Partner at Sackers, prior to becoming a professional independent trustee with Capital Cranfield.

Mike Eakins, Chief Investment Officer at Phoenix Group, said: “Claire’s appointment reflects our ambition to be the partner of choice for defined benefit schemes. With 86% of DB pension scheme trustees expecting to approach an insurer about de-risking within the next five years* proactive engagement with this market is essential and the appointment is a signal of our intent to be at the forefront of these discussions. This new structure ensures the team is in a strong position to anticipate client needs and support schemes earlier in their de-risking journeys.

“This is an exciting step forward as we align our Retirement Solutions and Asset Management teams under one leadership structure. With Standard Life achieving £5.1 billion of transactions in 2024, this area continues to be a core focus of our strategy, helping us deliver long-term value for customers and shareholders. Claire’s experience delivering innovative at-retirement products and building strategic partnerships with providers and clients across the industry, means the team are well-equipped to deliver on our ambitious growth targets.”

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Notes to editors

*Research conducted by Censuswide on behalf of Standard Life, between 7th October 2024 – 22nd October 2024, amongst 50 DB Pension Scheme Trustees, of Schemes larger than £100m.

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About Standard Life

• Standard Life is a brand that has been trusted to look after peoples’ life savings for 200 years.
• Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
• Standard Life is part of Phoenix Group, one of the UK’s largest long-term savings and retirement businesses. We’re proud to be building on 200 years of Standard Life heritage together.
• Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
• We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs and plan a future they feel confident about.
• The value of investments can go down as well as up and may be worth less than originally invested.