14 February 2008
Standard Life has transferred its annuity business to Canada
Life International Reinsurance in a deal worth £6.7bn of
assets. The deal applies to those UK customers who are receiving
individual annuities, or personal pensions who had invested in a
Standard Life pension policy before it demutualised in 2006 and had
taken out an annuity with them on retirement.
Standard Life has said the deal will make no difference to the
people who will remain as their customers. The advantage to
Standard Life is that it is now free of any risk that these people
might live longer than expected.
