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Contents
Introduction
As retirement is reshaped for a new generation, advisers will need to arm themselves with a suite of solutions to manage the financial and emotional challenges that brings for clients. Retirement planning must adjust to shifting work patterns, lifestyle changes and the move from defined benefit to defined contribution. There is no single solution, but rather a toolkit from which advisers can build flexible retirement plans that can adjust and adapt to client needs. Advisers must build retirement portfolios that result in the right outcomes for clients, taking account of not just their attitude to risk but also the behavioural considerations around retirement. Smoothed and guaranteed income solutions are a key part of that toolkit, helping advisers keep clients invested through difficult markets while managing the key risks they face in their retirement transition, including sequencing risk, longevity risk and the adjustment from ‘saver’ to ‘spender’. Here, we explore some of the considerations around these solutions, and the role they can play in an overall retirement plan.
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How advisers can make retirement meaningful for clients
Rebalancing retirement
Blended approach offers best of both worlds
Feature
Managing behavioural bias
Q&A: Mark Baldwin
Retirement is no longer a line in the sand
The Standard Life Rebalancing Buckets
Data
Go to...
by Cherry Reynard
Advisers are already wrestling with the complex needs of a new generation of retirees. Not only are people living longer but they may now be phasing their retirement, starting a business when in their 50s or 60s, or even going back to the workforce. This is set against a regulatory and tax environment in constant flux. There are also perennial concerns, such as paying care-home fees and wanting to leave money to the next generation. The dominant fear for all retirees remains the possibility of running out of money. Guaranteed income, via an annuity or a hybrid retirement solution, is a source of long-term financial security as well as emotional reassurance for retirees who want certainty in an unpredictable world.
Security of income is increasingly important for many retirees but it doesn’t need to come at the expense of flexibility
‘The current environment reminds me of the more traditional retirement planning we saw when annuities were the preferred solution’
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There has been growing demand for guaranteed-income products of all kinds. The Lang Cat senior analyst Rich Mayor says: “The current environment reminds me of the more traditional retirement planning we saw when annuities were the preferred solution.” In his view there are two main factors at play. The first is that, with higher interest rates, guaranteed-income rates are good, and this provides some stability for more risk-averse or sensitive clients. Another factor is market volatility. Mayor adds: “We’ve obviously had quite a lot of volatility this year, certainly at the beginning of 2025.” Markets may have recovered since then, but valuations look increasingly stretched. The MSCI World delivered 24.4% in 2023, 19.2% in 2024 and 20.2% for the year to date in 2025. A fourth consecutive year of gains would be unusual. There are opportunities in markets, but the dominant US market – still 73% of the MSCI World index – looks expensive. Quilter Cheviot chartered financial planner Ian Cook agrees with Mayor’s point. “Recent years have reminded us how unpredictable markets and sticky inflation, alongside a general increase in life expectancy, can create real uncertainty for retirees,” he says. “Volatility, inflation and longer retirements are all compelling reasons to include guaranteed income in retirement strategies, and in the UK we’ve seen annuity sales surge over the past few years a trend that seems set to continue.”
Two factors
At the margins, the change in the inheritability of pensions may be another factor. When savers could leave their pension pot to their heirs, free from inheritance tax (IHT), it made sense to leave it in drawdown. Now that it may fall into the IHT net, there isn’t the same incentive. AJ Bell head of investment analysis Laith Khalaf says: “We may well see more interest in annuities when the government’s IHT changes to pensions kick in.” However, while this circumstance may naturally prompt advisers to recommend annuities, these products are unlikely to be a complete solution to clients’ needs. Khalaf says: “One of the drawbacks of standard annuities is that they aren’t flexible. They pay out an income, year in, year out, irrespective of whether it’s needed. “For many people this won’t necessarily fit their retirement income needs. They may be stepping back from work gradually, or have especially high expenditure in the first few years of retirement as they travel and make the most of their free time.” He believes the inflexibility of annuity income also makes it more difficult for pension savers to manage their tax liabilities. This may prove more significant as additional retirees are pushed into higher tax bands by frozen limits. Khalaf adds: “There may be years when they wish to minimise pension income to avoid being pushed up into a higher tax bracket. They can do this with a drawdown plan but not with an annuity. “So, again, a mix-and-match approach will probably help to build in some handy flexibility.” Equally, advisers may face resistance from clients. Annuities remain a tough sell. Khalaf says: “Perhaps this is because savers don’t understand them, or they underestimate their chances of living to a ripe old age and still getting payments from their annuity provider, even at age 100. “But mostly people don’t like the idea that, if they get run over by a bus, their income stops and all those years of saving into a pension were for nothing.”
‘We may well see more interest in annuities when the government’s IHT changes to pensions kick in’
By Cherry Reynard
IHT net
Sequencing and longevity risk
For both annuity and drawdown there are problems of sequencing risk. Whenever a capital sum is turned into an income stream, there is a risk that it is done at a difficult time in the markets, giving a smaller income to support the retiree’s lifestyle. A gradual approach can help, but it cannot eliminate the risk. Longevity risk is also a significant factor. With growing life expectancy, retirees increasingly risk outliving their savings. Annuities guard against this problem, guaranteeing a lifelong income, but they do not necessarily allow for the increase in income required to cover care-home fees. This has led to the popularity of hybrid solutions, which offer both security and flexibility. This approach can help retirees stay invested, harnessing the benefits of long-term stockmarket growth while minimising volatility. Cook says: “Guaranteed income is a powerful foundation that secures your essential expenditure ─ like council tax, food, utilities ─ for life…. Meanwhile, the remainder of the portfolio, which is used for discretionary spending, can remain invested under drawdown and continue to hunt for growth. “This balanced, blended approach ensures financial security while retaining the potential for better returns.”
© Money marketing 2026. ALL RIGHTS RESERVED
‘A balanced, blended approach ensures financial security while retaining the potential for better returns’
Smoothed funds
Some advisers achieve this by combining drawdown and annuities, but Mayor says that, as ‘smoothed’ funds have become more widely available on platforms, these have been a popular choice. “Advisers view this as a good tool to explore for manager volatility,” he says. “Traditionally, these products have been off platform. We see consistently, through the data and through our conversations with advisers, that platforms are increasingly becoming the kind of place to manage wealth, so this is important. These products can now be incorporated within a centralised investment proposition.” Equally, the smoothing mechanism can enable the investment manager to manage for long-term returns rather than short-term risks. This can go a long way towards managing the diverse and complicated risks faced by investors at retirement. Security of income is increasingly important for many retirees, but it doesn’t need to come at the expense of flexibility.
Clients can be their own worst enemy. They may be flustered by events, or make poor decisions in response to changing circumstances. Technology and product selection have a role to play in keeping them on the right path, but understanding a client’s emotional relationship with money requires a human touch. These difficulties can be more evident – and more treacherous – at the point of retirement. Short-term market weakness can threaten long-term income generation, leaving retirees without the resources necessary to fund their desired retirement. But there can be problems at any point: any market weakness can cause nervousness among investors and prompt poor and wealth-threatening decision making. As markets become more volatile, this may be an increasing problem for advisers to navigate.
Managing behavioural bias the interaction of humans, technology and products
Both tech and product selection can assist clients with their attitude to money. But advisers are vital in helping them to reflect and reminding them to take a long-term view
‘A mix-and-match approach to sourcing retirement income is a good way of providing a blend of security, flexibility and growth’
Reshaping the balance
How can advisers best manage these behavioural traits? Technology has a role and is unquestionably reshaping the balance of where advisers spend their time. Tech can do the heavy lifting on the technical side of financial planning and it is becoming increasingly difficult to manage the regulatory complexities of an advice business without it. Research from Intelliflo shows that 43% of advisers already use tech for personalisation, automation, data analysis and compliance. Intelliflo chief operating officer Richard Wake says: “The percentage of processes now digitised has risen by 10% on last year’s survey. But there’s a clear appetite for more: firms say they want to increase this to 77%.” An overwhelming 96% of advisers recognise that there is room to improve the advice journey for clients, and that there are inefficiencies that need to be overcome, such as in fact-finds. Dynamic Planner head of psychology and behavioural insights Dr Louis Williams says artificial intelligence (AI) and tech can be a useful part of the engagement and client assessment process. He says: “Technology can help when looking at more subjective data, such as risk preferences, alongside more objective data.” It can help eliminate biases, for example, and ensure that risks are properly managed. Williams adds: “If the adviser is asking the questions without the technology, there can be bias as well. If they’re having the same conversation with every client, and disregarding factors such as sustainability because they don’t really care about it themselves, that can be a problem. Technology can help address that.” This is part and parcel of setting client expectations, which can help manage behavioural traits. The NextWealth report, ‘Beyond the numbers: What your clients really need you to know’, found that tech and AI “have an emerging and important role in enabling more proactive and scalable behavioural interventions between review meetings”.
Product choice
Equally, the right products are vital in ensuring good outcomes for clients. All the work that goes into client analysis and risk assessment can be undone by poor product selection at the end of their journey. A product that’s too volatile for a client’s needs could see them respond badly to bouts of market stress. The NextWealth survey found that 84% of advisers believed the most efficient plan was simply “the one that clients will stick to”. In this regard, finding the right balance of guaranteed income and market exposure is crucial in ensuring that clients are kept on the straight and narrow through accumulation and decumulation. AJ Bell head of investment analysis Laith Khalaf says: “A mix-and-match approach to sourcing retirement income is a good way of providing a blend of security, flexibility and growth. Investors do need to take a holistic view of their retirement provisions in this regard.” This may be blending separate annuities and drawdown products, or using one of the range of guaranteed-income products available on platforms. These can smooth returns to clients over time and may help them manage the ‘retirement risk zone’. This is where clients are either close to retirement and wanting to mitigate any losses, or just in retirement and needing to make the right choices on how they derive an income. The approach can help manage a range of risks, including longevity, sequencing and inflation.
‘We sometimes think we need to rely solely on technology or solely on a human, but the interaction between the two is important’
Limitations
However, tech has limitations, says Williams. “You need to ensure there is some human oversight when you’re interpreting the information. It’s not enough just to use technology to get a response and take it at face value. “We sometimes think we need to rely solely on technology or solely on a human, but the interaction between the two is important.” Williams observes that, if an adviser is asking the wrong questions, the output will be poor, no matter how good the tech. He adds that identifying a client’s needs and understanding their financial ambitions is almost impossible without human input. “It can be difficult for the client to answer questions in the right way without some prompting from the adviser. If you just pose the question, ‘What are your real ambitions for your wealth?’ it’s quite difficult for a client to know how to answer that.” Similarly, AI can take a client’s answers only at face value. It cannot understand that there may be more going on for a client than they initially reveal.
‘The percentage of processes now digitised has risen by 10% on last year’s survey. But there’s a clear appetite for more’
Man and machine
However, neither the right tech nor the right product can replace a number of the key roles advisers fulfil in their clients’ life: identifying their real needs and their long-term financial ambitions, or preventing some of the key behavioural traits that make clients poorer in retirement – the urge to put all their investments in cash in the middle of market turmoil, for example. Williams believes that only advisers can provide the level of reassurance most clients need during a crisis – be that a crash in the markets or a personal setback. He says: “It is necessary to understand that a client might be sad, but also how they could react to that. It’s difficult for AI to pick that up.” In terms of providing timely communications – one of the key aspects of the Consumer Duty – tech can supply a reminder or notification. “It probably won’t be enough to give people peace of mind,” says Williams, “but it might prompt them to speak to their adviser and get more granular detail on their financial plan.” Clearly, both technology and product selection can play a role in assisting clients with managing their behavioural biases. However, an adviser is vital in helping them to pause and reflect, putting any setbacks in context and guiding clients back to a long-term, strategic view.
The head of smoothed funds at Standard Life talks to Money Marketing about changing retirement patterns and the need for providers to deliver flexible solutions to support them. ‘There is no singular answer,’ he says
Mark Baldwin was appointed head of smoothed funds at Standard Life in June 2023. In this role, he is responsible for leading the smoothed funds proposition and distribution within the Retirement Solutions and Asset Management business, with a focus on delivering innovative retirement solutions that address the evolving needs of retail customers as they plan for and move through retirement. Mark brings 30 years of experience in the financial services industry, having worked extensively with wealth advisers, employee benefit consultants and retail platforms. His career has been dedicated to developing, implementing and distributing propositions to secure large-scale adoption and drive growth. Prior to joining Standard Life, Mark held a number of senior leadership positions within leading UK financial services organisations, with responsibilities spanning the retail wealth management, workplace pensions and group risk markets.
Retirement is rapidly changing. Gone are the days of a clean break from work when someone reaches retirement age. Retirement has become a period of transition and adjustment. We know that nearly half of the over-50s are reducing working hours, or planning to do so. People are now choosing to ease into their period of later life. Plus, with the shift away from defined benefit [DB] pensions, most of us now need to make sure we have a reliable and flexible source of income that can last up to 30 years. In fact, 32% of defined contribution [DC] savers aged 50+ are ‘not very’ or ‘not at all’ confident about turning their pension savings into an income. There is also a psychological shift. They have been preparing for retirement for a long time. Then they become spenders of that pension. That’s quite an adjustment, not just in terms of risk but also in their relationship with money.
Mark Baldwin
The decline of DB over DC means that risks that were previously borne by the employer now fall on the individual. The fortunate ones will access advice, but it’s only one in 10 who does. The fear of running out of money becomes real. Research from Fidelity and AKG – ‘Ten Years of Freedoms’ – found that 43% of consumers fear running out of money in retirement, while 45% worry about the rising cost of living. We see a shift in behaviour as people transition to retirement. Dynamic Planner has pulled data from 25,000 clients who have been through an advice process and have completed an attitude-to-risk questionnaire. It found that there is a real shift in attitudes among investors/clients from age 50-55 through to 65. That data shows there is a significant downward trend in people’s risk-taking identity and their ‘fear of missing out’ – they are no longer chasing gains. At the same time, their preference for certainty markedly moves up. This chimes with our research that shows people want more certainty. However, they still want flexibility, so the answer for many isn’t simply to buy an annuity to deliver that certainty. The truth is that there is not a singular answer. It has led to the emergence of different solutions as providers look at how they can give customers both certainty and flexibility. The emphasis is on helping clients achieve the right outcomes for them, and ensuring the risks are managed.
We know from the Pensions Policy Institute report – ‘How complex are the decisions that pension savers need to make at retirement?’ – that four in 10 retiring people are at a medium-to-high risk of making poor investment decisions. They may not have the financial capability, and they may not be accessing the right information. There are also problems of financial adequacy. DC pots are rising, but not to a level where they support expected retirement outcomes. This can create real-world problems. Retirees may grow fearful in the face of market volatility, and question their decisions or change their plan. They may look to keep high weights in cash, and leave themselves vulnerable to inflation. They may avoid growth assets because they are worried about stockmarket drawdowns. Overall, retirees today must contend with a range of risks and challenges: a shift in working patterns, a shift in their relationship with money, and the emergence of new risks. It’s a challenging time for people and getting the right advice and establishing a plan are essential.
'Retirement today is a tough time for people and it needs to be managed carefully’
Do you regard smoothed funds as a substitute for either drawdown or annuities?
No, they’re not a replacement for either drawdown or annuities. It’s more about how advisers can design and deliver both certainty and flexibility for their clients. A smoothed fund provides flexibility – it’s a multi-asset investment but with the security factor of smoothed returns. Advisers can link this to the behaviour and attitudes of the investor. Smoothed funds iron out big falls and high peaks to give people a more comfortable journey. This can help manage investor nerves and stop them making poor decisions, while still providing access to growth assets. Think back to the points highlighted from the Dynamic Planner data. The Standard Life Smoothed Return Pension Fund is around 60% equity based and delivering investment performance in line with that, but with the volatility and risk characteristics of a fund with a 40% exposure to equities. Investors are getting the upside of the access but without the downside of the volatility. That can help support the customer behaviourally and emotionally. The fund sits inside a pension wrapper and is available on the Fidelity platform. We see it working in conjunction with other solutions on the Fidelity platform, which may include other funds, model portfolio services and the Standard Life Guaranteed Lifetime Income plan.
What is the smoothing mechanism within the fund?
The smoothing mechanism is an estimated growth rate (EGR) approach. Standard Life sets an annualised return target it expects to deliver, based on robust capital market assumptions. The rate is reviewed regularly. If the unit price of the underlying multi-asset fund diverges from the smoothed fund unit price by more than a set amount, the unit price is adjusted – upward if investment performance is stronger, and downward if it is weaker. Since we launched the fund back in January 2024, we’ve achieved annualised returns significantly above that EGR. The fund allows investors to take a longer-term view on growth assets. It offers steadier and more predictable returns, plus a hedge to inflation and long-term growth. Through the smoothing mechanism, clients also have some shelter from the risk of variability of outcomes that might be caused by a market downturn at the wrong time.
How are you seeing retirement change?
How does attitude to risk shift as retirement approaches?
What are the key behavioural risks at retirement?
How do the risk considerations change?
We view the five to 10 years leading up to, and then those first few years in, retirement as the ‘retirement risk zone’. It is a moment when there is an important change in thinking around retirement – and when managing the variability of returns to support both short- and medium-term goals is key. Up to that point, a client’s focus will have been on building up their pension fund through a combination of contributions and investment returns, and the main risk has been investment risk – that their capital doesn’t grow quickly enough. At retirement, it becomes all about creating an income from their pension fund, and a multitude of additional risks come into play. There is longevity risk: no one really knows how long they’re going to live for and how long they’ll need their capital to last. Their pension fund may need to deliver an income for as long as 30/35 years. Investment risk remains, but there is an additional emphasis: sequencing risk emerges, whereby any losses in the early stages of retirement can have a disproportionate impact on the ability to deliver a sustainable income. Legacy also becomes a consideration – do they want to leave money to the next generation? All these risks and considerations can hit at once and clients need to think them through carefully, while avoiding some of the financial and emotional pitfalls.
How have advisers adapted their solutions?
We’ve seen the emergence of central retirement propositions alongside central investment propositions. Advisers have adapted their services and solutions to a new model of retirement, helping support their clients through the transition. We know that, when there is a plan in place and people access advice, the outcomes are more positive. People feel more confident and engaged in their retirement as a result of having accessed advice. We see increasingly that advisers are starting to build on the solutions they provide, and to look more closely at the emotional and behavioural biases in retirement. That’s important. It drives a different lens onto the solutions. That’s where we see smoothed funds being used. This is the kind of solution that can really help on that behavioural and emotional side, and can help manage some of the key risks to and through retirement.
‘It has led to the emergence of different solutions as providers look at how they can give customers both certainty and flexibility’
‘Advisers are starting to look more closely at the emotional and behavioural biases in retirement’
Markets are looking expensive and a third year of gains would be unusual. How would the fund behave in a downturn?
Every quarter, we assess the EGR. We use capital market assumptions about what we expect a range of asset classes to deliver over a prolonged period. If things are changing on those assumptions, we can adjust the EGR. We do that on a long-term view. It drives the strategic asset allocation of the underlying investments. We set it two years ago when we launched the fund and it hasn’t changed since then.
‘Retirement is a challenging time for people and getting the right advice and establishing a plan are essential’
How have you seen smoothed solutions used in practice?
Advisers need to deliver solutions to customers that result in the right outcomes, taking account of not just their attitude to risk but also their emotional and behavioural connections to the retirement plan. Smoothed funds are a complementary solution. Rather than a single option for someone journeying to and through retirement, they are a powerful part of a suite of options for advisers. They can become part of the solution for different clients, helping avoid destructive behaviour such as reacting impulsively to falls in the market. Some advisers take a time-sequencing approach for their clients, using different assets for different stages of retirement. Smoothed funds may have a role in that, helping investors through vulnerable periods. They are a complementary solution to others within a drawdown journey. They are also used as a solution to support people as they transition to retirement. Two-fifths of people approaching retirement want to reduce their exposure to investment risk. The move from ‘Saving, saving, saving’ to ‘I need to spend this’ means many clients are particularly sensitive to falls in value in the first few years of retirement. Smoothed funds can help with that transition period because they reduce day-to-day volatility while still allowing access to growth assets for performance upside. Ultimately, there is no single solution to the new model of retirement. Advisers will need to call on a suite of options to meet their clients’ needs. Smoothed funds can be a part of that suite, with a vital role in managing client emotions around their finances at retirement, and in addressing some of the key risks they face.
1. https://corporate-adviser.com/retirement-is-changing-are-employers-ready-to-help/ 2. https://adviserservices.fidelity.co.uk/media/fnw/guides/akg-10-years-of%20freedoms.pdf 3. https://corporate-adviser.com/ppi-sounds-alarm-over-risks-of-poor-at-retirement-decisions/
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Help turn retirement into something real for your clients
We’ve crafted an innovative approach to retirement planning that’s centred around our four Rebalancing Buckets, which accurately reflect the changing income needs of clients to and through retirement
Retirement income is out of balance with modern retirement
For professional clients only, not suitable for retail investors. The views expressed are the contributor’s own and do not constitute investment advice.
Choosing the right retirement income strategy is one of the most important financial decisions you will help your clients make. With the shift away from defined benefit (DB) pensions, it’s now up to advisers to help ensure their clients have a reliable source of income through retirement. This increases the pressure on you to make the right recommendation.
4
of Defined Contribution (DC) savers aged 50+ are ‘not very’ or ‘not at all’ confident about turning their pension savings into an income.*
*Standard Life Centre for the Future of Retirement, Retirement Voice, October 2025. **AKG, Ten Years of Freedoms – Lessons, Gaps, and the Road Ahead, 11 June 2025.
Diving deeper into each Rebalancing Bucket
32%
of people worry about running out of money in retirement.**
43%
who aren’t yet retired want to access their pension savings flexibly.*
79%
Our Rebalancing Buckets reflect changing income needs
Rebalancing is designed to help lower exposure to volatility and strengthen lifetime sustainability. And while not every client will need to use all four Rebalancing Buckets, it’s good to understand their purpose and how they can be used together to create a balance to and through retirement.
of defined contribution (DC) savers aged 50+ are ‘not very’ or ‘not at all’ confident about turning their pension savings into an income.*
Foundation Bucket
This bucket provides the certainty of a guaranteed income for life or for a specific period of retirement.
Guaranteed base income (across retirement)
Immediate Income Bucket
Short-term needs (typically 1-3 years)
This bucket provides predictable income for immediate and short-term expenditures, however volatile the market may be.
Stability Bucket
Medium-term needs (typically 4-7 years)
This bucket stabilises a pot of money in readiness for providing income at a future date, by either topping up the Immediate Income Bucket or securing more Foundation Bucket income.
Growth Bucket
Long-term needs (typically 8+ years)
This bucket enables long-term assets that aim to compound undisturbed, ready to replenish the Immediate Income and Stability buckets later. It also means that, as markets deliver potential growth, a portion could be used to meet gifting objectives, or be reallocated to the Foundation Bucket.
For guaranteed income across retirement
Objective: To provide your clients with a base income that isn’t subject to market risk. Asset mix: Annuities (lifetime or fixed term), DB pensions, the State Pension and other guaranteed income products. The amount allocated to this bucket is usually determined by the desired guaranteed income to be secured, which then forms a foundation for the overall plan. The Foundation Bucket also makes sure that essential expenses (and more, if desired) are covered, providing clients with confidence for higher spending in retirement, and addressing a primary concern of running out of money.
For short-term needs
Objective: To provide predictable income for immediate and short-term expenditures, however volatile the market may be. Asset mix: Low-risk, highly liquid assets such as cash savings, cash Isas or money market funds. Typically, this bucket provides peace of mind rather than growth. It looks to cover around one to three years of planned spending, and can be replenished by the Stability and Growth buckets over time.
For medium-term needs
Objective: To cover expenses as your client moves through retirement. It also aims to stabilise the pot of money in readiness for providing an income at a future date, by topping up the Immediate Income Bucket or securing more Foundation Bucket income. Asset mix: Lower-volatility and conservative investments such as smoothed or volatility managed funds. This bucket is designed to balance modest growth with capital preservation, absorbing any potential market volatility, to replenish the Immediate Income Bucket and provide additional spending when needed.
For long-term needs
Objective: To provide real growth that supports withdrawals later in retirement, as well as funding for care costs or legacy and estate planning objectives. Asset mix: Multi-asset funds and managed portfolio services with a high proportion of growth assets. Here, we focus on capital appreciation in an effort to outpace inflation and replenish other Rebalancing Buckets over time. All the buckets can work together to help the Stability and Growth buckets absorb the ups and downs of the markets, without impacting immediate cash needs and monthly living expenses.
To learn more about our approach to Rebalancing Retirement, including a range of client scenarios that help bring it to life, visit our website
This information is for qualified financial advisers and must not be relied on by anyone else. Past performance is not a reliable indicator of future returns. The value of investments and the income from them are not guaranteed and may go down as well as up and investors may not get back the amount originally invested. More information, including fund fact sheets and other relevant product literature, can be found at www.standardlife.co.uk/smooth. Phoenix Life Limited, trading as Standard Life, is registered in England and Wales (1016269) at 10 Brindleyplace, Birmingham B1 2JB. Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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