Phoenix Group will launch an ESG defined contribution (DC) default solution for pension fund clients of its Standard Life Assurance business and their scheme members.
Phoenix Group will launch an ESG defined contribution (DC) default solution for pension fund clients of its Standard Life Assurance business and their scheme members.
The Standard Life Sustainable Multi Asset - a diversified solution with ESG fund components for a range of asset classes - will launch in mid-December.
Phoenix said the solution will "aim to achieve good member outcomes in retirement" by blending the three responsible investment approaches of screening, tilting and stewardship.
Head of responsible investment solutions Gareth Trainor said: "Responsible investment is a central consideration in all the workplace pension solutions we offer, but we're delighted we will be launching our new more focused ESG default for DC pension clients and their members before the end of the year.
"The demands placed on scheme default solutions continue to evolve. While delivering good member outcomes, value and rigorous governance is vital, responsible investment considerations have also become important to scheme members, policymakers, and regulators alike.
"Given its established approaches to responsible investing and stewardship, Aberdeen Standard Investments (ASI) is our key partner for this new solution. We have worked closely with them in developing these funds to ensure that they meet the needs of our members."
Speaking to PP, Trainor said the launch tied into Phoenix Group's wider plans on delivering sustainable fund options.
"It's to help provide people for a secure and sustainable future. This is the start, hopefully, of a much, much longer and wider journey that we are on and we'll be able to provide more detail on that as we go into next year. We are 100% committed to this space and actually making sure that we take customers on the journey with us."
He continued: "The regulatory demand has been evolving endlessly and there is also a customer demand growing - they are very keen to do something with it talk about it in a way that is more conscience based."
