Marvin OnumonuStandard Life has promoted Claire Altman to business development & origination director in a new role focused on boosting growth in the defined benefit (DB) and individual retirement markets.
Altman will lead the go-to-market strategy, targeting new business and building client relationships.
She will report to Mike Eakins, chief investment officer, who oversees the retirement solutions and asset management function.
Altman will be responsible for developing client relationships and business growth strategies in the retirement market.
She will also head up the defined benefit solutions strategy, leading a team of risk transfer specialists.
The job will involve close work with trustees, consultants and clients to identify opportunities and deliver tailored solutions.
The role was created after Phoenix Group decided to combine the retirement solutions and asset management teams into a single division.
The new division will manage, manufacture and price retirement products under the Standard Life brand, backed by Phoenix Group’s financial strength.
Altman said: “I am excited to take on this new role at a time of significant change in the pensions industry.
“For those working within the defined benefit space, the legislative framework outlined in the Pension Schemes Bill will bring new complexities that will influence the thinking of DB schemes trustees and their sponsors.
“As we continue to navigate the evolving legislative and market environment, our focus remains firmly on deepening partnerships with our clients, trustees and consultants.”
Altman added: “The pace of change means there’s a renewed emphasis on delivering practical, tailored solutions that ultimately give people greater certainty regarding their retirement income.
“Our recent £1.9bn buy-in with the Sedgwick section of the MMC UK Pension Fund is a great example of this given the complexities involved and represented our largest deal to date.”
Eakins said: “Claire’s appointment reflects our ambition to be the partner of choice for defined benefit schemes.
“With 86% of DB pension scheme trustees expecting to approach an insurer about de-risking within the next five years, proactive engagement with this market is essential and the appointment is a signal of our intent to be at the forefront of these discussions.
“This new structure ensures the team is in a strong position to anticipate client needs and support schemes earlier in their de-risking journeys.”
Eakins added: “This is an exciting step forward as we align our retirement solutions and asset management teams under one leadership structure.
“With Standard Life achieving £5.1 billion of transactions in 2024, this area continues to be a core focus of our strategy, helping us deliver long-term value for customers and shareholders.
“Claire’s experience delivering innovative at-retirement products and building strategic partnerships with providers and clients across the industry, means the team are well-equipped to deliver on our ambitious growth targets.”
