Pension fund changes

What it means for you and your members

What changes are we making?

We're changing the names and descriptions of some of our pension funds and lifestyle profiles.

This will affect your members whose pension scheme(s) are invested in one or more of the following:

Sustainable Multi Asset range: we’re renaming the ‘At Retirement’ funds, which are mainly used in our lifestyle profiles, and amending the fund descriptions
Sustainable Focus range: we’re renaming the funds and lifestyle profiles to Future Advantage and amending fund descriptions.

Please note, there is no change to the investment strategy of any of these funds.

What does this mean for you?

We’ll write to members from August 2023. Changes will take effect from 30 September 2023.

If you have a contract-based or Master Trust scheme, we’ll write out to your members about the renaming of the funds and lifestyle profiles, and amendments to fund descriptions.
For Own Trust schemes, we’ll write to Trustees who can then update their members.

Here are the examples of the letters for members invested in:

Sustainable Multi Asset funds	Universal or Drawdown At Retirement Funds
	Annuity or Lump Sum At Retirement Funds
Sustainable Multi Asset Lifestyle profiles	Universal or Drawdown Lifestyle Profiles
	Annuity or Lump Sum Lifestyle Profiles
Sustainable Focus funds	1-5 Pension Fund
	Universal or Drawdown Pre-Retirement or At-Retirement Funds
	Annuity or Lump Sum Pre-Retirement Funds
	Annuity or Lump Sum At Retirement Funds
Sustainable Focus Lifestyle profiles	Universal or Drawdown Lifestyle Profiles
	Annuity or Lump Sum Lifestyle Profiles

Why are we making these changes?

We constantly review our solutions via our robust governance framework and this recent review is another example of that. We looked at how we talk about our range of sustainable funds and lifestyle profiles - with a particular focus on names and descriptions. You can find out more detail on the changes we’re making in the Frequently asked questions.

We constantly review our solutions to make sure we’re delivering good outcomes for our members – and that their expectations are always aligned to likely outcomes.

Which funds are affected?

The new fund names and descriptions are available in this New fund names and description PDF:

1) Sustainable Multi Asset range

Universal At Retirement funds

Fund Code	Current Fund Name	New Fund Name
PLND	Standard Life Sustainable Multi Asset At Retirement Pension Fund	Standard Life At Retirement - Universal Pension Fund
BDAD	Standard Life Sustainable Multi Asset At Retirement (AP Universal) Pension Fund	Standard Life At Retirement - Universal (AP 10 Year) Pension Fund
JJHA	Standard Life Sustainable Multi Asset At Retirement (PP Universal) Pension Fund	Standard Life At Retirement - Universal (PP 10 Year) Pension Fund
KFMA	Standard Life Sustainable Multi Asset At Retirement (Universal 10 Year) Pension Fund	Standard Life At Retirement - Universal (10 Year) Pension Fund
FFMP	Standard Life Sustainable Multi Asset At Retirement (Universal Series 3) Pension Fund	Standard Life At Retirement - Universal (10 Year Series 3) Pension Fund

Drawdown At Retirement funds

Fund Code	Current Fund Name	New Fund Name
KBNI	Standard Life Sustainable Multi Asset At Retirement (Drawdown) Pension Fund	Standard Life At Retirement - Drawdown Pension Fund
DDNC	Standard Life Sustainable Multi Asset At Retirement (AP Drawdown) Pension Fund	Standard Life At Retirement - Drawdown (AP 10 Year) Pension Fund
ADMC	Standard Life Sustainable Multi Asset At Retirement (PP Drawdown) Pension Fund	Standard Life At Retirement - Drawdown (PP 10 Year) Pension Fund
NMFD	Standard Life Sustainable Multi Asset At Retirement (Drawdown 10 Year) Pension Fund	Standard Life At Retirement - Drawdown (10 Year) Pension Fund

Annuity At Retirement funds

Fund Code	Current Fund Name	New Fund Name
LNHA	Standard Life Sustainable Multi Asset At Retirement (Annuity) Pension Fund	Standard Life At Retirement - Annuity Pension Fund
NBPI	Standard Life Sustainable Multi Asset At Retirement (Annuity 10 YR) Pension Fund	Standard Life At Retirement - Annuity (10 YR) Pension Fund
IFNN	Standard Life Sustainable Multi Asset At Retirement (Annuity 10 Year) Pension Fund	Standard Life At Retirement - Annuity (10 Year) Pension Fund

Lump Sum At Retirement funds

Fund Code	Current Fund Name	New Fund Name
GFFA	Standard Life Sustainable Multi Asset At Retirement (Lump Sum) Pension Fund	Standard Life At Retirement - Lump Sum Pension Fund
MMAN	Standard Life Sustainable Multi Asset At Retirement (AP Lump Sum) Pension Fund	Standard Life At Retirement - Lump Sum (AP 10 Year) Pension Fund
MADB	Standard Life Sustainable Multi Asset At Retirement (PP Lump Sum) Pension Fund	Standard Life At Retirement - Lump Sum (PP 10 Year) Pension Fund
HFPA	Standard Life Sustainable Multi Asset At Retirement (Lump Sum 10 Year) Pension Fund	Standard Life At Retirement - Lump Sum (10 Year) Pension Fund

2) Sustainable Focus range

Risk-rated range

Fund Code	Current Fund Name	New Fund Name
MJMN	Standard Life Sustainable Focus 1 Pension Fund	Standard Life Future Advantage 1 Pension Fund
NIAE	Standard Life Sustainable Focus 2 Pension Fund	Standard Life Future Advantage 2 Pension Fund
IABB	Standard Life Sustainable Focus 3 Pension Fund	Standard Life Future Advantage 3 Pension Fund
IDEC	Standard Life Sustainable Focus 4 Pension Fund	Standard Life Future Advantage 4 Pension Fund
EBLG	Standard Life Sustainable Focus 5 Pension Fund	Standard Life Future Advantage 5 Pension Fund
PJCB	Standard Life Sustainable Focus 1 (series 3) Pension Fund	Standard Life Future Advantage 1 (Series 3) Pension Fund
PIIC	Standard Life Sustainable Focus 2 (series 3) Pension Fund	Standard Life Future Advantage 2 (Series 3) Pension Fund

Pre Retirement funds

Fund Code	Current Fund Name	New Fund Name
ANJH	Standard Life Sustainable Focus Pre Retirement Universal Pension Fund	Standard Life Future Advantage Pre Retirement - Universal Pension Fund
NKPL	Standard Life Sustainable Focus Pre Retirement Drawdown Pension Fund	Standard Life Future Advantage Pre Retirement - Drawdown Pension Fund
KNFB	Standard Life Sustainable Focus Pre Retirement Annuity Pension Fund	Standard Life Future Advantage Pre Retirement - Annuity Pension Fund
NGHD	Standard Life Sustainable Focus Pre Retirement Lump Sum Pension Fund	Standard Life Future Advantage Pre Retirement - Lump Sum Pension Fund
KNPM	Standard Life Sustainable Focus Pre Retirement Universal (series 3) Pension Fund	Standard Life Future Advantage Pre Retirement - Universal (Series 3) Pension Fund

At Retirement funds

Fund Code	Current Fund Name	New Fund Name
EKLP	Standard Life Sustainable Focus At Retirement Universal Pension Fund	Standard Life Future Advantage At Retirement - Universal Pension Fund
KGAA	Standard Life Sustainable Focus At Retirement Drawdown Pension Fund	Standard Life Future Advantage At Retirement - Drawdown Pension Fund
AAPM	Standard Life Sustainable Focus At Retirement Annuity Pension Fund	Standard Life Future Advantage At Retirement - Annuity Pension Fund
LIGD	Standard Life Sustainable Focus At Retirement Lump Sum Pension Fund	Standard Life Future Advantage At Retirement - Lump Sum Pension Fund
MFJC	Standard Life Sustainable Focus At Retirement Universal (series 3) Pension Fund	Standard Life Future Advantage At Retirement - Universal (Series 3) Pension Fund

Sustainable Focus Strategic Lifestyle Profiles

Current profile name	New profile name
Sustainable Focus 1 Annuity Strategic Lifestyle Profile	Future Advantage 1 Annuity Strategic Lifestyle Profile
Sustainable Focus 1 Lump Sum Strategic Lifestyle Profile	Future Advantage 1 Lump Sum Strategic Lifestyle Profile
Sustainable Focus 2 Universal Strategic Lifestyle Profile	Future Advantage 2 Universal Strategic Lifestyle Profile
Sustainable Focus 2 Drawdown Strategic Lifestyle Profile	Future Advantage 2 Drawdown Strategic Lifestyle Profile
Sustainable Focus 2 Annuity Strategic Lifestyle Profile	Future Advantage 2 Annuity Strategic Lifestyle Profile
Sustainable Focus 2 Lump Sum Strategic Lifestyle Profile	Future Advantage 2 Lump Sum Strategic Lifestyle Profile
Sustainable Focus 2 Universal (Series 3) Strategic Lifestyle Profile	Future Advantage 2 Universal (Series 3) Strategic Lifestyle Profile

For further details of all of our funds go online to standardlife.co.uk/funds

Questions and answers

We regularly review the investment options we offer you to make sure they’re still helping your members work towards the pension pot they’re hoping for when they retire.

These reviews look at a variety of things, such as:

checking that the investments they’re invested in are performing as expected
making sure the investments are managed in line with how they’re supposed to be managed
considering other factors that could impact these investments; for example, the introduction of new regulations.

Our latest review recognises that the Financial Conduct Authority (FCA) have announced their intention to release a new piece of regulation called the Sustainable Disclosure Requirements later this year. As we start to prepare for this, we have decided to update the name and description of the funds your scheme is invested in.

We regularly review the investment options we offer you to make sure they’re still helping your members work towards the pension pot they’re hoping for when they retire.

These reviews look at a variety of things, such as:

checking that the investments they’re invested in are performing as expected
making sure the investments are managed in line with how they’re supposed to be managed
considering other factors that could impact these investments; for example, the introduction of new regulations.

No, the investment strategy and how your member’s money is invested won’t change. We’re updating the name of some funds and their descriptions so they better reflect where and how they’re invested and to make sure they’re still helping your members work towards the pension pot they’re hoping for when they retire.

No changes are being made to where and how the funds are invested. Your members’ money continues to be invested in line with our approach to responsible investing, where relevant.

Some of the investment types used, particularly equities (stocks and shares in companies), consider the areas of responsible investment that can help grow member’s pension pots.

This means that if the fund in question invests in equities then it will continue to invest some of your member's money responsibly. It does this by avoiding investment in companies that present a risk to growing your member’s pension, for example those involved in controversial weapons or tobacco production. At the same time, it invests more in those that could provide an opportunity, like those focused on carbon reduction and green technology.

If you’ve selected a lifestyle profile for your scheme’s investment choice, your member’s money will still be gradually and automatically moved into carefully chosen funds designed to reflect how they plan to take their pension savings as they get closer to retirement.

In a lifestyle profile, as members move through their retirement journey, the portion of investments in equities will normally go down as the types of investment change to prepare your members for retirement. That usually means the level of responsible investment goes down as well because certain investment types are unable to consider the areas of responsible investment.

By changing the name and description of these funds, we think we’re making it clearer to you where and how your scheme is invested.

No changes are being made to where and how the funds are invested. Your members’ money continues to be invested in line with our approach to responsible investing, where relevant.

Some of the investment types used, particularly equities (stocks and shares in companies), consider the areas of responsible investment that can help grow member’s pension pots.

By changing the name and description of these funds, we think we’re making it clearer to you where and how your scheme is invested.

SDR is a future piece of regulation that we expect the Financial Conduct Authority (FCA) to introduce towards the end of 2023. It will aim to "build transparency and trust by introducing labels to help consumers navigate the market for sustainable investment products, ensuring that sustainability-related terms in the naming and marketing of products are proportionate to the sustainability profile of the product”. You can find out more on the FCA website - FCA updates on its Sustainability Disclosure Requirements (SDR) and investment labels consultation | FCA

You can find more information on our SLPs on our website - Lifestyling | Investments | Standard Life

We’re updating our literature with the new fund name and description changes however it may take some time before you see the changes fully complete in all the literature about your investments.

You can find more information on our SLPs on our website - Lifestyling | Investments | Standard Life

We’re updating our literature with the new fund name and description changes however it may take some time before you see the changes fully complete in all the literature about your investments.

When we make certain changes to the investments we offer, we need to tell you about them. So, we wanted to let you know that we are changing the name and description of one or more funds that your scheme is invested in. We’re telling you this for your information only and you don’t need to do anything. This document provides more information on the specific fund changes and links to the new fund descriptions.

: We’re changing the name of the ‘At Retirement’ Fund used in Sustainable Multi Asset Universal SLP and making some small changes to the fund description. The ‘At Retirement’ fund is used in the final stages of the SLP to help prepare your members money for retirement. We’re not changing the name of the lifestyle profile, or the other funds in it.

Our Universal SLPs are designed to be suitable for the majority of pension savers and offer the flexibility for members to take their money how they want when they come to retire. We’re not changing how the SLP is invested and the Universal SLP will continue to target the same retirement outcome.
: We’re changing the name of the ‘At Retirement’ fund used in Sustainable Multi Asset Drawdown SLP and making some small changes to the fund description. The ‘At Retirement’ fund is used in the final stages of your SLP to help prepare your members money for retirement. We’re not changing the name of the lifestyle profile, or the other funds in it.

Our Drawdown SLPs are designed to be suitable if your members plan to take their money as a flexible income (known as drawdown). We’re not changing how the SLP is invested and the Drawdown SLP will continue to target the same retirement outcome
: We’re changing the name of the ‘At Retirement’ fund used in Sustainable Multi Asset Annuity SLP and making some changes to the fund description. The ‘At Retirement’ fund is used in the final stages of the SLP to help prepare your members money for retirement. We’re not changing the name of the lifestyle profile, or the other funds used in it.

Our annuity SLPs are designed to be suitable if your members plan to take their money as a full tax-free lump sum and set up a guaranteed income for life (an annuity) with the rest of their pension pot. We’re not changing how the SLP is invested and the Annuity SLP will continue to target the same retirement outcome.

The ‘At Retirement’ fund puts your members’ money in the types of investments that are appropriate for buying an annuity when they come to retire. This means placing more money in defensive assets such as bonds where the availability of responsible investment components is currently limited. We believe the investment strategy used in these funds remains appropriate for members who wish to purchase an annuity, so we have decided to change the fund names and descriptions rather than making changes to the underlying investments.

The other funds used in the lifestyle profile invest in a wider range of asset classes which allows them to consider responsible investment issues.
: We’re changing the name of the ‘At Retirement’ fund used in Sustainable Multi Asset Lump Sum SLP and making some changes to the fund description. The ‘At Retirement’ fund is used in the final stages of the SLP to help prepare your members money for retirement. We’re not changing the name of the lifestyle profile, or the other funds in it.

Our Lump Sum SLPs are designed to be suitable if your members plan to take all of their pension pot as one or more lump sums over a relatively short period. We’re not changing how the SLP is invested and the Lump Sum SLP will continue to target the same retirement outcome.

The ‘At Retirement’ funds invest your members’ money in the types of investments that are appropriate for taking a pension pot as one or more lump sums. This means placing more money in defensive assets such as money market instruments where the availability of responsible investment components is currently limited. We believe the investment strategy used in these funds remains appropriate for members who wish to take their money as a lump sum, so we have decided to change the fund names and descriptions rather than making changes to the underlying investments.

The other funds used in the lifestyle profile invest in a wider range of asset classes which allows them to consider responsible investment issues.

: We’re changing the name of this fund and making small changes to the fund description. We’re not changing how their money is invested.

They may wish to consider why they chose to invest in this fund as it’s designed to be used in one of our lifestyle profiles, which gradually and automatically moves members money into carefully chosen funds designed to reflect how they plan to take their pension savings as they get closer to retirement.
: We’re changing the name of this fund and making small changes to the fund description. We’re not changing how their money is invested.

They may wish to consider why they chose to invest in this fund as it’s designed to be used in one of our lifestyle profiles, which gradually and automatically moves members money into carefully chosen funds designed to reflect how they plan to take their pension savings as they get closer to retirement.
: We’re changing the name of this fund and making some changes to the fund description to better reflect how their money is invested. No changes are being made to the investment strategy of the fund or where your members’ money is invested.

They may wish to consider why they chose to invest in this fund as it’s designed to be used in one of our lifestyle profiles, which gradually and automatically moves members money into carefully chosen funds designed to reflect how they plan to take their pension savings as they get closer to retirement.

The ‘At Retirement’ funds invest your members money in the types of investments that are appropriate for buying an annuity when they come to retire. This means placing more money in defensive assets such as bonds where the availability of responsible investment components is currently limited. We believe the investment strategy used in these ‘At Retirement’ funds remains appropriate for use in a lifestyle profile that targets annuity purchase, so we have decided to change the fund names and descriptions rather than making changes to the underlying investments.
: We’re changing the name of this fund and making some changes to the fund description to better explain how their money is invested. No changes are being made to the investment strategy of the fund or where your members’ money is invested.

They may wish to consider why they chose to invest in this fund as it’s designed to be used in one of our lifestyle profiles, which gradually and automatically moves members money into carefully chosen funds designed to reflect how they plan to take their pension savings as they get closer to retirement.

The ‘At Retirement’ funds invest your members’ money in the types of investments that are appropriate for taking a pension pot as one or more lump sums. This means placing more money in defensive assets such as money-market instruments where the availability of responsible investment components is currently limited. We believe the investment strategy used in these ‘At Retirement’ funds remains appropriate for use in a lifestyle profile that targets taking money as lump-sums, so we have decided to change the fund names and descriptions rather than making changes to the underlying investments.

: We’re changing the name of all the lifestyle profiles and funds within our Sustainable Focus range as they share their name with terminology contained within new regulation from the Financial Conduct Authority (FCA). We’re also making some small changes to the fund descriptions to better reflect where your money is invested.

Your members are invested in one of our Universal SLPs, which are designed for the majority of pension savers. They offer them the flexibility on how to take their money when they come to retire. Your members money will continue to be managed in line with a set level of risk.
: We’re changing the name of all the lifestyle profiles and funds within our Sustainable Focus range as they share their name with terminology contained within new regulation from the Financial Conduct Authority (FCA). We’re also making some small changes to the fund descriptions to better reflect where your money is invested.

Your members are invested in one of our Drawdown SLPs, which are designed for those who plan to take their money as a flexible income (known as drawdown). Your members money will continue to be managed in line with a set level of risk.
: We’re changing the name of all the lifestyle profiles and funds within our Sustainable Focus range as they share their name with terminology contained within new regulation from the Financial Conduct Authority (FCA). We’re also making some small changes to the fund descriptions to better reflect where your money is invested.

Your members are invested in one of our Annuity SLPs, which are designed for those who plan to take their full tax-free lump sum and set up a guaranteed income for life (an annuity) with the rest of their pension pot. Your members money will continue to be managed in line with a set level of risk.

The ‘At Retirement’ fund used in these SLPs puts your members’ money in the types of investments that are appropriate for buying an annuity when they come to retire. This means placing more money in defensive assets such as bonds where the availability of responsible investment components is currently limited. We believe the investment strategy used in our annuity targeting solutions remains appropriate for members who wish to purchase an annuity, so we have made changes to the fund description to better reflect this rather than making changes to the underlying investments.

The other funds used in the lifestyle profile invest in a wider range of asset classes which allows them to consider responsible investment issues.
: We’re changing the name of all the lifestyle profiles and funds within our Sustainable Focus range as they share their name with terminology contained within new regulation from the Financial Conduct Authority (FCA). We’re also making some small changes to the fund descriptions to better reflect where your money is invested.

Your members are invested in one of our Lump Sum SLPs, which are designed for those who plan to take all of their pension pot as one or more lump sums over a relatively short period. Your members money will continue to be managed in line with a set level of risk.

The ‘At Retirement’ fund used in these SLPs puts your members’ money in the types of investments that are appropriate for taking one or more lump sums when they come to retire. This means placing more money in defensive assets such as money-market instruments where the availability of responsible investment components is currently limited. We believe the investment strategy used in these solutions remains appropriate for members who wish to take their money as a lump sum, so we have made changes to the fund description to better reflect this rather than making changes to the underlying investments.

The other funds used in the lifestyle profile invest in a wider range of asset classes which allows them to consider responsible investment issues.

: We’re changing the names of all the funds within our Sustainable Focus range as they share the name of a proposed investment label which will be used as part of the new Sustainable Disclosures Requirements (SDR) from the Financial Conduct Authority (FCA). We’re also making some small changes to the fund descriptions to better reflect where your money is invested. Your members money will continue to be managed in line with a set level of risk.
: We’re changing the name of all the funds within our Sustainable Focus range as they share the name of a proposed investment label which will be used as part of the new Sustainable Disclosures Requirements (SDR) from the Financial Conduct Authority (FCA). We’re also making some small changes to the fund descriptions to better reflect where your money is invested. Your money will continue to be managed in line with a set level of risk.

Your members may wish to consider why they chose to invest in a ‘Pre Retirement’ fund as these funds are designed to be used in one of our lifestyle profiles. Lifestyle Profiles gradually and automatically move members money into carefully chosen funds designed to reflect how they plan to take their pension savings as they get closer to retirement.
: We’re changing the name of all the funds within our Sustainable Focus range as they share the name of a proposed investment label which will be used as part of the new Sustainable Disclosures Requirements (SDR) from the Financial Conduct Authority (FCA). We’re also making some small changes to the fund descriptions to better reflect where your money is invested. Your money will continue to be managed in line with a set level of risk.

Your members may wish to consider why they chose to invest in an ‘At Retirement’ fund as these funds are designed to be used in one of our lifestyle profiles. Lifestyle Profiles gradually and automatically move members money into carefully chosen funds designed to reflect how they plan to take their pension savings as they get closer to retirement. The ‘At Retirement’ fund used in the Annuity and Lump-Sum Sustainable Focus SLPs puts your members’ money in the types of investments that are appropriate for either buying an annuity or taking a lump sum when they come to retire. This means placing more money in defensive assets such as bonds or money-market instruments where the availability of responsible investment components is currently limited. We believe the investment strategy used in these funds remains appropriate for helping achieve the retirement outcome targeted by our annuity and lump sum SLPs, so we have made changes to the fund description to better reflect this rather than making changes to the underlying investments.

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