Standard Life is at the vanguard of one of the UK's most thriving insurance markets – bulk purchase annuities (BPAs) – and its BPA deal team enjoyed considerable success in 2024. The firm, part of the Phoenix Group, had completed deals covering £1.9bn ($2.4bn) of pension liability volumes by the end of June, including the £800m full scheme transaction with the Rolls-Royce & Bentley Pension Fund, covering 6,000 members.

The 250-strong multi-disciplinary BPA deal team says its success is fuelled by its investment in staff, its service to pension scheme members and its ability to finance sustainable development.

Standard Life's deal team has grown by 27% in the last year as demand for pension derisking transactions remains strong. Staff morale is kept high by investing in training, ranging from traditional actuarial studies to developing subject matter experts in aspects, such as climate risk.

The team also puts great emphasis on its service to members. For example, it has a sophisticated member portal that offers services such as the ability to model retirement options in real time, and raise indicative quotations.

Many members are classed as vulnerable customers, often getting in touch after a life-changing event such as bereavement or redundancy, so the team has initiated partnerships to help support people when they need it most.

The team has the duty to balance returns and risk when investing people's pension savings, but it is also allocating its portfolio with sustainability and social responsibility in mind. For example, in 2023 alone, it put £58m into affordable housing and £600m into climate solutions.

A spokesperson says: "The best thing about being part of Standard Life's BPA Deal Team is the dynamic and supportive environment. It is a real positive that the team as a whole is forward-thinking, innovative and driven to deliver exceptional service, but is also able to foster growth and develop teamwide expertise at the same time."

Winning the highly commended prize "highlights our collective effort, dedication, and collaboration. We're delighted to see our hard work being recognised and it serves as motivation to continue working together to deliver the best results for our clients."