UK Pensions Awards 2024
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How we choose the winners
What are these awards all about?
The UK Pensions Awards – now in their 27th year – remain the industry's most prestigious accolades. They shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members, and have done the most to improve this over the past year.
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The process for the 2024 awards began at the end of last year when advisers and providers nominated themselves, or were nominated by schemes, for the accolades. Each firm then put forward their submission, which was used by our panel of judges to draw up the shortlists and decide on the winners. This year’s awards were rigorously judged by a panel of 63 senior scheme managers, trustees and advisers, comprising:
• Aled Davies, head of customer success at Knowa and pensions adviser at Zephyrus Partners • Amanda Burdge, partner and head of investment at Quantum Advisory • Andrew Evans, independent trustee• • Andrew Vaughan, senior partner at Barnett Waddingham • Bobby Riddaway, managing director at HS Trustees • Chris Parrott, trustee director at BESTrustees and non-executive director and advisory council member at the Pensions Management Institute • Damon Lacey, pensions manager at the BAT UK Pension Fund • Darren Philp, founder and managing director of Shula Policy and PR • Debbie Fielder, deputy head of the Clwyd Pension Fund • Debra Soper, trustee director at Independent Governance Group • Elizabeth Sumner, UK pensions manager at TotalEnergies • Eve Keith, trustee manager at Independent Governance Group • Gail Izat, workplace managing director at Standard Life • Georgina Wallis, DB pensions director at London Stock Exchange Group • Graham Jung, professional trustee at Pi Pension Trustees • Gwyneth Lloyd, trustee director at Fujitsu Comparable Pension Scheme • Heather Brown, senior client solutions director at Aviva Investors • Ian Goodwright, senior pension & benefits consultant at M&G • Ian McQuade, CEO of Muse Advisory • Jack Wheale, trustee director at British Airways Pension Trustees • Jas Bhogal, pensions manager at Kier Group • Jenifer Goodchild, head of trustee governance at Railpen • Jill Ampleford, partner and head of trustee consulting at Lane Clark & Peacock • Joanne Fairbairn, client director at Zedra Governance • Joanne Livingstone, independent trustee and advisor • John Pengelly, pensions manager at Northumbrian Water • Jonty Wheeler, employer-nominated trustee director at TPT Retirement Solutions • Kate Boyle, director KBPR • Kevin LeGrand, independent pensions consultant and past-president of the Pensions Management Institute and Society of Pension Professionals • Kim Gubler, chairwoman of PASA, trustee of the Crystal Master Trust and director of KGC Associates • Kim Toker • Lesley Carline, director of KGC Associates and past-president of the Pensions Management Institute • Mark Ormston, director of propositions and corporate partnerships at Retirement Line • Mark Smith, head of pensions at Coventry University • Mary McGrath, partner for business development and marketing at XPS Pensions Group • Michelle Darracott, trustee executive at BESTrustees • Mike O'Connor, head of pensions at Next • Mohsin Harhara, head of pensions at Skanska UK • Nathalie Sims. partner and head of strategic relationships at Lane Clark & Peacock • Nick Buckland, head of pensions and treasury at Kent County Council • Nicola Morgan, EMEA and APAC pensions director at Cummins Inc. • Nigel Modlinsky, pension trustee at Apex Group • Oliver Payne, European pensions manager at Ford Motor Company • Paul Black, professional trustee at Pi Pension Trustees • Richard Campbell, senior director at Willis Towers Watson • Rita Butler-Jones, head of DC at Legal & General Investment Management • Robert Egginton, head of pensions UK & Ireland at GXO • Roger Mattingly, trustee director at Independent Governance Group • Sam Burden, client director at Zedra Governance • Scholastica Brimley, director of EMEA retirement and reward at Hilton • Sharon Bellingham, master trust lead at Scottish Widows • Simon Kew, head of market engagement at Broadstone • Simon Powell, head of pensions at Smiths Group • Stella Chaplin, director of pension & benefits for UK & Europe at Atkins • Steve Hitchiner, immediate past-president of the Society of Pension Professionals and partner at Barnett Waddingham • Steve Jones, head of pensions at Boots UK • Steven Robson, head of people for pensions at Wm Morrison Supermarkets • Tim Banks, investments partner at Aon • Tim Giles, professional trustee • TJ Hargreaves, pensions project manager at Harrods • Tracey Deeks, trustee at Canada Life UK Division Staff Pension Fund • Vicky Carr, partner at Sackers • Victoria Panormo, head of client relationships at Aviva and main committee member of NextGen
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the 2024 awards
DC Master Trust of the Year
Educational and thought leadership initiative of the Year
Actuarial/Pensions Consultancy of the Year
DC consultancy of the year
Pensions Communication Initiative of the Year
Alternative and Private Markets Investment Manager of the Year
Alternative Endgame Solution Provider of the Year
Pension Scheme of the Year
Explore our 2024 Awards
Click on a category to reveal the winner
DB investment Innovation of the Year
Find the winner
Active Fund Awards
Institutional Investment Platform Provider of the Year
Fiduciary Manager of the Year
Diversity and Inclusion Excellence Award
DC Pension Provider of the year
DC Multi-Asset Fund Manager of the Year
Liability-Driven Investment (LDI) Manager of the Year
group awards
Group awards
passive fund awards
Active fund awards
find out more
DC Innovation of the year
Emerging Markets Manager of the Year
DC Investment Manager of the Year
DB Multi-Asset Manager of the Year
Retirement Innovation of the Year
the 2023 awards Categories
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Cashflow-driven Investment (CDI) Manager of the Year
Fiduciary Evaluator of the Year
Investment Consultancy of the Year
Best Pension Scheme Communication Strategy
Best Pension Scheme Investment Strategy
Fixed Income Manager of the Year
Equity Manager of the Year
ESG Manager of the Year
Investment Manager of the Year
Independent Trustee of the Year
Impact Manager of the Year
Technology Innovation of the Year
Risk Reduction Adviser of the Year
DC Consultancy of the Year
DB Investment Innovation of the Year
DC Pension Provider of the Year
DC Innovation of the Year
Third-Party Administrator of the Year
Sponsor Covenant / IRM Adviser of the Year
Risk Reduction Provider of the Year
Real Estate Manager of the Year
Pensions Litigation Firm of the Year
Pension Lawyers of the Year
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Who made the shortlist?
Congratulations! Scottish Widows
Aon Aviva Fidelity International Legal & General Assurance Society Limited Mercer Scottish Widows Smart Pension Standard Life TPT Retirement Solutions WTW
“Employs a listening approach to help it meet and exceed the expectation of clients”
Scottish Widows' Graeme Bold (centre right) receives the accolade from Paul Sinha (left) and Punter Southall's Steve Butler (right)
An extract from Scottish Widows’ original submission…
What does it mean to win this award? We’re delighted as it recognises our passion for doing the very best for our members and employer community, especially as it’s the third time we’ve won it. What have been your main achievements as an organisation over the past 18 months? We’ve been transforming our business digitally so that we do more – better – for our members, employers and advisers. As well as investing in a new platform, we’ve redesigned the Scottish Widows app with new features, tools, in-app gamification and the ability for members to see their finances from multiple providers, all in one place. The great app design is something we’ve worked hard at – and it’s reflected in our Trust Pilot scores. Our Pension Mirror, launched for Pension Engagement Season, uses AI and data to guess a member’s age on their smartphone, compare their pension savings with their peers, and lets them know what actions they can take to achieve their retirement goals. It’s been used more than 708,000 times (and counting). That’s a definite achievement. Our DE&I (Diversity, Equity and Inclusion) framework and blueprint launched this year, and we couldn’t be prouder. Effective DE&I must extend well beyond the trustee board and our framework spans governance, product design and member support, as well as the overall experience and value. What do you believe sets you apart from your peers and contributes to this success? Being part of Lloyds Banking Group (LBG) means we benefit from investment, have access to a wealth of insight, and operate within a digital ecosystem that our members can benefit from. We’re proud, too, of the way we help those in vulnerable circumstances, including the ability to identify and support them across all LBG products with the ‘tell us once’ notification. We’ve also increased financial wellbeing support to grow members’ knowledge, confidence and resilience. Our partnership with Citizen Advice means our colleagues can directly refer members experiencing financial difficulty for further support, too. We also believe that the hands-on, collaborative way the trustees and Scottish Widows work together is unique in its shared focus to drive member outcomes and value for money. What are the key challenges facing your pension scheme clients at the current time and how are you helping them address these issues? As a nation, we’re financially under-prepared and under-protected. This year’s 20th Scottish Widows Retirement report found that two in five (38%) of us are not on track for even the most basic retirement lifestyle, as defined by the Pension and Lifetime Savings Association. The growing gap in retirement outcomes between those who are retired now and those who will in the future is a big concern. Engaging with the one in four people in their 20s who aren’t saving anything for retirement is one priority as we spread the engagement message on Tik Tok. It’s all part of the drive to help members plan, demystify pensions and create new and better ways to connect people with their long-term savings. How will you continue to improve your services to pension scheme clients over the coming 12 months? Investing further in our digital services means we can reach more members – and advisers and employers – and support them with the guidance and tools they need to save for their future. We’ll be starting 2025 with some exciting developments. Watch this space.
Interview: Sharon Bellingham, master trust & IGC lead and master trust scheme strategist at Scottish Widows
The Scottish Widows master trust team’s goal is to be a model of inclusive pension service – to earn the members’ trust by helping them reach good retirement results and save money. During the past year, the team provided increased financial wellbeing support – with members able to access a new website ‘Be Money Well” with budgeting tools, the details of charities that help with debt, and guidance to access money-saving websites. It is working to enhance members’ financial knowledge, confidence and resilience. Scottish Widows also recognises the need to adapt and grow to meet the needs of Gen Z – many of whom commented on the ‘Pensions Mirror’ the firm launched during last September’s Pension Awareness Season, a tool which had over 28,000 unique users during the month. This tool uses AI technology to guess the member’s age and compare their pension savings with those of a similar age to let the member know if they are on track for their retirement goals. The tool has a call to action to encourage members to download or log into the Scottish Widows app to check on their pension savings regularly and to watch short educational videos to guide them on the steps they can take to make the most of their retirement savings and understand their options. In addition to this, Scottish Widows has further improved its app to evolve its functionality. In 2023, improvements to the app for its master trust clients included video benefit statements, beneficiary nomination and investment switching. During the year, Scottish Widows also conducted a member survey among its master trust clients – using the results to shape its future master trust strategy. In 2023, the master trust also received recognition from The Pensions Regulator for leading the way in equality, diversity and inclusion.
DC Master Trust / of the Year
Congratulations! LGIM
Aegon UK Aviva arnett Waddingham Cardano CMS Isio Legal & General Investment Management Mercer NOW: Pensions NPCC Pensions Policy Institute Quietroom XPS Pensions Group
“LGIM’s ethnicity pensions research was one of huge scale and ambition – shining a light on an urgent and prescient issue”
Legal & General's Rita Butler-Jones (centre) collects the accolade from Paul Sinha (left) and Smart Pensions' Jamie Fiveash (right)
An extract from LGIM’s original submission…
What does it mean to win this award? Winning this award is incredibly special. It’s probably the category we most wanted to win because it signifies what we stand for as a business in terms of our desire to help deliver positive change, rather than just talking about it. Our extensive research shone a light on the reasons behind the ethnicity pensions gap and helped fuel the drive towards taking actions to close it. We’re so pleased that this was recognised by the judges. What have been your main achievements as an organisation over the past 18 months? We’ve continued our focus on helping to tackle issues that contribute towards leaving far too many people under-pensioned. As part of taking practical steps to take this work forward, we’re proud to have launched our new Islamic Investment Proposition. We believe this could help remove a potential barrier to pension-saving for Muslim members by offering a wider range of Shariah-compliant investment options. We’ve also launched a new Private Markets fund to provide DC investors with access to the long-term growth potential of private markets. The fund also aims to offer greater diversification through investments that aren’t typically accessible through public markets, such as clean energy businesses and affordable housing schemes. We believe these moves will have a significant impact on helping to boost outcomes for DC savers and tackle issues of pensions adequacy in some groups. What do you believe sets you apart from your peers and contributes to this success? We’re committed to listening to our members to understand their needs as we continue to explore every option that could help boost their retirement savings. Two substantial pieces of research into DC savers’ views in the last 18 months established that there is support for private market investments that could have a positive real-world impact. However, scheme members need reassurance that investment strategies will be subjected to rigorous ongoing governance. Insights like this help inform the work we do to build products, services and clearer messaging that we believe could better help engage our members, boost their pensions knowledge and widen access to pension-saving to those who might otherwise fall through the net of existing pensions provision. What are the key challenges facing your pension scheme clients at the current time and how are you helping them address these issues? Clients are balancing pressures of regulatory changes, considerations of how global instability could affect pension funds, and the need to provide a scheme that offers value to their members, not just in terms of costs, but in the quality of member-support services, the long-term efficacy of their investment strategies, their risk management capability and their ability to adapt to changing market trends that could affect member outcomes. We provide support to help clients by offering information to help them navigate changes to the pensions landscape via in-person and online meetings, conferences, campaign materials and our thought-leadership. We help with their communications for members, provide in-scheme insights and aim to establish strong relationships between them and our client directors to offer more tailored support. How will you continue to improve your services to pension scheme clients over the coming 12 months? We’ll keep listening to clients and members to respond to their changing needs with products and services that we hope will support them better and lead the way for the industry to follow. We’ll be continuing our work to remove barriers to pension-saving wherever we find them. And we’ll be continuing to investigate and embrace opportunities of new technologies to transform members’ experience of pension-saving and help them build more secure financial futures.
Interview: Rita Butler-Jones, head of DC at Legal & General
DB Master Trust / Consolidator of the Year
At retirement, UK savers from minority ethnic backgrounds have 54% less in their pension pot than their white counterparts on average. That’s the headline statistic from Legal & General Investment Management’s (LGIM’s) 2023 ethnicity pensions research – a finding that the provider says should have prompted urgent action years ago. LGIM said the social, fiscal, economic and policy implications of this gap are extensive – not to mention individual retirement outcomes. While the industry has been aware of the ethnic minority pensions gap for some time, dialogue remains murky owing to a lack of clarity and misconceptions about the key causes. Action to resolve this urgent issue has been slow. Through LGIM’s 2023 campaign, it aimed to raise awareness, educate and support scheme members, advocate for change and suggest tangible actions for providers and employers. LGIM said there are three reasons why this campaign deserved to win the award. First, the project’s vast scale and ambition. Powered by the largest and deepest survey into ethnic pensions inequality across the UK and Ireland ever conducted (to its knowledge), its data led thought leadership highlights and demystifies an urgent and prescient issue, offering tangible resolutions. Second, the research successfully challenged orthodoxies about retirement to increase engagement. The findings dispelled myths about why the gap exists and its campaign found new ways to improve pensions engagement. As well as getting a more positive story out about pensions, it also used the findings to shape how it will act as a provider in future. Finally, LGIM said the campaign really “moved the dial”. Indeed, as well as receiving organic press coverage in broadsheets such as The Guardian, its campaign smashed through its targets (versus historic campaigns). The real-world impact has been substantial, with the campaign providing momentum for a cross-industry working group to call to remove the auto-enrolment lower earnings limit.
Educational and Thought Leadership Initiative of the Year
Congratulations! XPS Pensions Group
Barnett Waddingham EY Goddard Perry Actuarial Hymans Robertson Isio LCP Mercer WTW XPS Pensions Group
“A firm that has clearly demonstrated how it goes the extra mile for its clients”
Paul Sinha (left) and Scottish Widows' Graeme Bold (right) present the award to XPS Pensions Group's Paul Cuff (centre left)
Congratulations! Clara Pensions
Citrus Clara Pensions Dalriada Trustees Isio/Entrust (Enplan Pensions Platform) Isio (Pensions Master Plan) TPT Retirement Solutions
“Clara’s completion of the first ever superfund transaction is a seismic innovation in the UK pensions landscape”
Paul Sinha (left) and AlphaReal's Boris Mikhailov (right) hand the award to Clara Pensions' Jayne Pocock (centre left) and Simon True (centre right)
Congratulations! Legal & General Investment Management
AlphaReal AXA Investment Managers Goldman Sachs Asset Management Insight Investment Legal & General Investment Management Mercer Schroders Solutions
LGIM's Lisa Purdy (right) recieves the accolade from Paul Sinha (left)
Congratulations! Allspring Global Investments
Allspring Global Investments Barnett Waddingham Capita Pension Solutions Hymans Robertson
Paul Sinha (left) hands the accolade to Allspring Global Investments
Congratulations! LCP
Aon Barnett Waddingham Benefex Hymans Robertson Isio LCP Mercer WTW XPS Pensions Group
Paul Sinha (left) and Legal & General's Rita Butler-Jones (right) present the award to LCP's Lydia Fearn (centre)
Congratulations! Blackrock
BlackRock Fulcrum Asset Management Timeline Portfolios
“BlackRock continues its long history of innovation in the DC market”
Paul Sinha (left) presents the accolade to BlackRock
Congratulations! Standard Life
Aegon UK Aviva Cushon Fidelity International Legal & General PensionBee Phoenix Corporate Investment Services Scottish Widows Standard Life
EY's Paul Kitson (right) and Paul Sinha (left) and present the award to representatives of Standard Life (centre left and right)
Aviva Capita Pension Solutions Cardano Hymans Robertson LCP Legal & General Investment Management Sackers WTW XPS Pensions Group
Paul Sinha (left) and Invesco's Mary Cahani (right) present the award to Legal & General's Rita Butler-Jones (centre)
Congratulations! Barnett Waddingham
Barnett Waddingham EY Isio PricewaterhouseCoopers Quantum Advisory Redington XPS Pensions Group
“Its use of technology and its Swarm AI and FM Match tools demonstrate how the firm is innovating in the market for the benefit of clients”
Barnett Waddingham's Sonia Kataora (centre) collects the accolade from Paul Sinha (left) and Van Lanschot Kempen's Vicky Casebourne (right)
Congratulations! Van Lanschot Kempen Investment Management
Aon BlackRock Charles Stanley Fiduciary Management Goldman Sachs Asset Management Legal & General Investment Management Mercer Russell Investments Schroders Solutions Van Lanschot Kempen Investment Management
“Brings a different mindset to innovation, performance and client service”
Paul Sinha (left) presents the award to Van Lanschot Kempen's Vicky Casebourne (centre left), Nikesh Patel (centre right) and Andre Keijsers (right)
Congratulations! Mobius
Legal & General Investment Management Mobius
“A firm that continues to deliver innovation for pension schemes”
Paul Sinha (left) and Mercer's Suzanne Rose (right) present the accolade to Mobius Life's Alix Jones (centre left) and Chantelle Simpson (centre right)
Aon Barker Tatham Investment Consultants Barnett Waddingham Hymans Robertson Isio LCP Redington XPS Pensions Group
LCP's Hishendhra Ravindra (centre) recieves the award from Paul Sinha (left) and Aegon's Martin Trenchard (right)
BlackRock Columbia Threadneedle Investments Goldman Sachs Asset Management Insight Investment Legal & General Investment Management Schroders Solutions SECOR Asset Management State Street Global Advisors
Paul Sinha (left) presents the award to LGIM's Lisa Purdy (right)
Congratulations! BT Pension Scheme and Railways Pension Scheme
BT Pension Scheme Essex Pension Fund Merchant Navy Officers Pension Scheme Railways Pension Scheme Rolls-Royce Surrey Pension Team
Paul Sinha (left) and Isio's Girish Menezes (right) presents the award to BT Pension Scheme's Peter James
Paul Sinha (left) and Isio's Girish Menezes (right) presents the award to the Railpen team
Aegon UK Legal & General Merchant Navy Officers Pension Fund NPCC PensionsBee Phoenix Corporate Investment Services Quietroom Scottish Widows Standard Life
Paul Sinha (left) presents the award to representatives of Scottish Widows (centre left, centre right and right)
Capita Pension Solutions Novia Global Punter Southall Standard Life Timeline WTW
Paul Sinha (left) presents the accolade to Standard Life's Gail Izat (right)
Congratulations! PIC (Pension Insurance Corporation)
Just Group Legal & General Pension Insurance Corporation Rothesay Standard Life
“Pension Insurance Corporation is flexible, ambitious and socially aware”
Pension Insurance Corporation's Mitul Magudia (centre) recieves the accolade from Paul Sinha (left) and Hymans Robertson's James Mullins (right)
Congratulations! XPS Pensions Group/Penfida
Aon Cardano EY Parthenon Grant Thornton Isio LCP PCS (Purbeck Covenant Services) PwC XPS Pensions Group/Penfida
“Provides strategic, forward-looking, quantitative covenant advice to meet client objectives”
Paul Sinha (left) presents the accolade to representatives of Penfida (centre and centre right)
Congratulations! Trafalgar House
Barnett Waddingham Broadstone Corporate Benefits Capita Pension Solutions Hymans Robertson Isio LCP Trafalgar House WTW XPS Pensions Group
“A firm that clearly stands at the forefront of innovation in pension administration”
Trafalgar House's Garry Wake (centre) collects the award from Paul Sinha (left) and Mercer's Dan Melley (right)
Congratulations! Gresham House
AXA IM Alts Capital Fund Management Gresham House IFM Investors Mercer Legal & General Investment Management Morgan Stanley Investment Management Nuveen Schroders Capital WTW
Congratulations! GMPeasy DB Supergroup
Essex Pension Fund GMPeasy DB Supergroup comprising: BA Pensions, BT Pension Scheme (BTPS), Coal Pension Trustees, Invensys Pension Scheme, M&S Pension Scheme, Royal Mail Pension Plan, Shell Contributory Pension Fund, Unilever Pension Fund Smart Pension and ISS UK Merchant Navy Officers Pension Fund Police Pension Scheme PwC Trustees Railpen Volkswagen Group Pension Scheme
Congratulations! Essex Pension Fund
Essex Pension Fund Railpen
Congratulations! Newton Investment Management
Mercer Newton Investment Management WTW
Congratulations! Universities Superannuation Scheme
Aviva Investors Barnett Waddingham Berenberg Cushon Hymans Robertson Legal & General Schroders Capital Standard Life Universities Superannuation Scheme
Congratulations! Aon
AllianceBernstein Aon BlackRock Fisher Investments Europe Legal & General Investment Management Timeline Portfolios
Congratulations! Baron Capital
Artisan Partners Baron Capital Dodge & Cox Nipun Capital TOBAM
Congratulations! Morgan Stanley Investment Management
Artisan Partners Baron Capital Dodge & Cox Fisher Investments Europe Morgan Stanley Investment Management Polen Capital Robocap Asset Management Royal London Asset Management TOBAM
Congratulations! Mercer
AlphaReal Aon AXA Investment Managers Candriam Columbia Threadneedle Investments Gresham House Insight Investment Legal & General Investment Management Mercer Schroders
Congratulations! Insight Investment
Aegon Asset Management Allspring Global Investment Dodge & Cox Insight Investment M&G Investments Muzinich & Co Neuberger Berman Royal London Asset Management TwentyFour Asset Management William Blair Investment Management
AlphaReal Aon AXA IM Alts Columbia Threadneedle Investments Fisher Investments Europe Morgan Stanley Investment Management Schroders Vontobel Asset Management
Congratulations! Vidett
Independent Governance Group Law Debenture ndapt Pan Trustees Pi Partnership Vidett Zedra Governance
Artisan Partners Dodge & Cox Fisher Investments Europe Gresham House Insight Investment M&G Investments Morgan Stanley Investment Management Royal London Asset Management TOBAM
Congratulations! Eversheds Sutherland
A&O Shearman Burges Salmon CMS Dentons Eversheds Sutherland Gowling WLG Linklaters Sackers TLT
Congratulations! Gowling WLG
CMS Eversheds Sutherland Gowling WLG Linklaters Pinsent Masons Sackers Stephenson Harwood
Congratulations! CBRE Investment Management
Alphareal Aviva Investors AXA IM Alts BGO CBRE Investment Management Invesco Legal & General Investment Management Patron Capital Pluto Finance
Congratulations! WTW
A&O Shearman Aon Barnett Waddingham Cardano Hymans Robertson K3 Advisory LCP XPS Pensions Group WTW
Congratulations! Knowa
Bravura Cardano Cashfac Crown Agents Bank Heywood Pension Technologies Hymans Robertson Knowa Legal & General ndapt Standard Life XPS Pensions Group
