Expansion of Standard Life’s Pension Risk Transfer business through partnership with CVC, Prudential Financial Inc, Goldman Sachs and MS&AD with a combined initial capital commitment of up to £2bn

LONDON, 20 August 2026 – Standard Life plc (“Standard Life”) today announces a strategic partnership (the “Partnership”), with CVC Capital Partners plc (“CVC”) and Prudential Financial, Inc. (“PFI”) of the US, alongside The Goldman Sachs Group, Inc. (“Goldman Sachs”), MS&AD Insurance Group Holdings, Inc. (“MS&AD”) and other long-term institutional investors (collectively the “Consortium”) to expand its Pension Risk Transfer (“PRT”) business to support schemes across a broader range of sizes, including the largest and most complex defined benefit (“DB”) schemes, subject to regulatory approval.

The Partnership will be funded by a combined initial capital commitment of up to £2bn, expected to be drawn over five years, including £500m from Standard Life, with the balance from the Consortium, which is led by CVC and PFI.

The Partnership combines Standard Life’s leading PRT capabilities with CVC’s, PFI’s and Goldman Sachs’ global private markets asset origination, enabling Standard Life to deliver its compelling employer proposition and excellent customer service to a broader range of pension schemes, while retaining full operational control of the Partnership.

PGIM (PFI’s asset management business) will originate high-quality assets to back pension scheme liabilities for the Partnership and for Standard Life’s existing PRT business.