Standard Life to be ‘safe haven’ for scammed savers

Phoenix Group-Standard Life office in Lothian Road, Edinburgh

Standard Life, part of Phoenix Group, announced it has been appointed as a “safe haven” provider for thousands of scammed pension savers.

“Members defrauded of their pensions saving will have their pension re-established with the appointment of Standard Life to run a new scheme for members receiving restorative compensation from the Fraud Compensation Fund (FCF),” said Standard Life.

“Dalriada, the trustee appointed by The Pensions Regulator to represent almost 7,000 members across over 100 distressed schemes, was tasked with finding a new ‘safe haven’ pension provider for those defrauded of their pension savings.

“Due to the unique circumstances and with no employers involved in any decision making, Evelyn Partners supported Dalriada in the process to select Standard Life as the ‘safe haven’ provider for these members.”

Standard Life has assembled a dedicated team led by Senior Business Development Manager David Yule to showcase its capabilities and the support available to vulnerable customers, while the Trustees of the Standard Life Master Trust, in demonstrating its robust governance framework, played an integral role in helping the bid process and securing the appointment.

Donna Walsh, Head of Master Trust at Standard Life, said: “Losing all your pension savings is simply unthinkable. Saving into a pension is based on trust and the expectation that all those involved, from employers and trustees to the scheme provider, are acting in your best interests.

“While we are absolutely delighted to be appointed by Dalriada, we are also hugely conscious of the added responsibility we have to members to help restore their faith in pensions and to help them feel comfortable in how we are managing their savings.

“It’s a unique challenge where we are providing a range of wrap-around care and developing bespoke communications and resources to help them as they take steps to re-establish their pensions savings. This appointment puts us in a privileged position to use all our experience and knowledge for a ‘social good’. We are extremely proud that we have this opportunity to help our new members in this way.”

Dalriada board director and chair Tom Lukic said: “We were meticulous when making this selection, with Standard Life standing out in its understanding of the members’ needs, the terrible circumstances they have endured and its ability and willingness to adapt its processes to provide them with additional support to reconnect with their pension savings.

“In appointing the Standard Life Master Trust, we are providing victims with a ‘safe haven’ provider, a trusted brand and reassurance they deserve but have been denied for many years.

“The FCF is truly a lifeline for victims and this appointment gives confidence to others in the same position, who have suffered uncertainty for a number of years, that there is now some light at the end of the tunnel.”

Phil Harwood, Head of Pension Consultancy in the Employee Benefits team at Evelyn Partners, advisers on the appointment of Standard Life, said: “We were pleased to be asked to carry out a market review and conduct research to find a pension provider with a suitable receiving arrangement.

“This required not only that we found a suitable structure to take the retrieved funds but also consider the most suitable provider and communications for people who may have lost faith in pensions and are nervous about the pension market.

“We are proud to have helped Dalriada find a receiving arrangement with an excellent governance framework and effective communications from a reputable firm with an established pension master trust.”