<div id="readability-page-1"> <time datetime="2026-04-15T16:45:07+01:00"> Wednesday 15 April 2026 4:45 pm </time> <div> Add as a preferred source on Google </div> <figure> <div> </div> <img width="742" height="495" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/04/standard-life-chief-executive-Andy-Briggs.jpg/query-dz03NDI?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/04/standard-life-chief-executive-Andy-Briggs.jpg/query-dz03NDI"/> <figcaption>Briggs hailed retirement adequacy a key concern</figcaption> </figure> The boss of one of the UK’s largest pension providers has spoken out on the state of the nation’s retirement financing on the day he unveiled a blockbuster industry takeover. Andy Briggs, chief executive of Standard Life, told City AM that “retirement adequacy is a genuine concern” and pointed to further potential dealmaking. He noted that conditions in the British pension system were key to the rationale for the FTSE 100 stalwart’s a £2bn acquisition of the country’s largest pension platform Aegon UK, announced on Tuesday. The deal is set to create the country’s second largest retail pensions and savings platforms. There will be nearly 16m customers in the enlarged group, which will have £480bn in assets and administration.Briggs sees the move as providing the scale needed to improve retirement standards for consumers. He also identified benefits from stronger capital positions and long-term investments. “This transaction strengthens our ability to invest, innovate and deliver value for money at a time when retirement adequacy is a genuine concern,” Briggs said.“Our focus is on helping more people achieve better retirement outcomes and that will continue as a result of this acquisition.”The acquisition and comments come as investors find themselves facing uncertainty after Chancellor Rachel Reeves opted to shake up salary sacrifice from 2029 in last year’s Autumn Budget, with Briggs previously saying it could lead to “people saving less”.The Chancellor capped the scheme at £2,000 per employee, per year, from April 2029, arguing that the scheme does not benefit those on the minimum wage.But the government is also scrambling to boost pension adequacy, as the industry continues to raise the alarm that people are not saving enough for later life, and for a number of Brits, not saving at all.<h2 id="h-tapping-the-mass-market">Tapping the mass market</h2>The deal also allows Standard Life to fill a previous gap. It opens access to the mid-to-small corporate sector, widening its traditional customer base, which consists of larger corporations.Briggs added: “We have some strong propositions for the advisor market, such as our international bond and our smoothed managed fund, whereas Aegon has an excellent advisor platform. So it really is complementary as you bring it together.”He also noted the deal will allow Standard Life to pivot away from top-niche providers which have long dominated the market but in recent months have found their grip slipping. “A number of the players in the market are really quite specialized in a particular niche segment of the market, and we are much broader than mass market, mass-affluent customers across a broader range”, he said. “We are really very much focused on helping a large cohort of customers across the UK get a better retirement. That’s what our business is all about, and we think acquiring Aegon UK… enables us to do that for more customers to a greater degree.”Briggs hinted that further M&amp;A could be on the table adding that while organic growth is the core strategy, “we have always said we would review appropriate opportunities that came onto the market”. This financial year also marks the final twelve months of Standard Life prioritising debt repayment, which the firm expects to leave over £500m in cash, with Briggs noting that the funds are not “just limited to M&amp;A”.<h2 id="h-competitive-market">Competitive market</h2>The acquisition also comes at a turbulent time for the market, with the industry in uproar over the proposed mandatory powers in the pension schemes bill.But as signatory of the Mansion House Accord, Briggs confirmed the platform will “invest in a way that supports growth for our costumes for the long term”, with any change to be “driven by returns and customer outcomes”.The government is also scrambling to boost pension adequacy, as the industry continues to raise the alarm that people are not saving enough for later life, and for a number of Brits, not saving at all.The acquisition could also sooth potential concerns that a number of UK wealth managers are being swallowed up by US companies, eroding confidence in the longevity of the market.Most recently, wealth management Schroders was snapped up by US firm Nuveen for £9.9bn, while Janus Henderson was acquired by Texas-based Trian asset management and General Catalyst for roughly $7.4bn (£5.4bn).Briggs argued the shift into a savings giant shows the UK market is able “to compete and get the best possible customer outcomes”.Standard Life expects an annual £160m profit boost from the deal, as well as it to deliver around £400m in excess cash over the next five years following integration. </div>

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Standard Life's CEO Andy Briggs has expressed concerns about retirement adequacy while announcing a £2bn acquisition of Aegon UK, which will create the second largest retail pensions platform in the UK. The deal aims to enhance retirement standards for consumers and expand Standard Life's customer base. Briggs indicated potential for further mergers and acquisitions, emphasizing the importance of investing in customer outcomes amidst a competitive market. The acquisition is expected to boost annual profits by £160m and generate £400m in excess cash.

Standard Life’s Briggs warns ‘retirement adequacy is a genuine concern’, as £2bn Aegon deal unveiled