Standard Life CEO addresses UK's retirement crisis

Standard Life's CEO, Andy Curran, highlighted the UK's retirement crisis as Phoenix Group raised its financial targets. Standard Life reported a 13% increase in workplace net fund flows, reaching £5.3 billion, while individual annuity market share grew to 12%. Phoenix Group's full-year results showed a solid solvency position, with total cash generation at nearly £1.8 billion. The company increased its dividend by 2.6% and raised its cash generation targets for the next three years to £5.1 billion. Research indicated that Scottish workers are the most confident in the UK about working until retirement age. However, financial security and economic activity levels remain low, emphasizing the need for stable employment to address the pension savings gap.