Phoenix Group (“Phoenix”), the UK’s largest long-term savings and retirement business, announces an £80 million-pound investment to support Nissan Motor’s manufacturing of electric-only and hybrid vehicles. The investment has been made as a five year loan, guaranteed by the UK Export Finance agency of the UK Government, into the Nissan plant in Sunderland, which has been designated as the company’s main production plant for new electric cars and SUV’s for the European Market. The plant currently employs around 7,000 people.

Phoenix, having made its own net zero commitment at the end of last year, pledging to be net zero in its operations by 2025 and its investment portfolio by 2050, has originated in excess of half a billion pounds worth of sustainable investments within its Illiquid Assets business so far this year including affordable housing, infrastructure and sustainable development.

Commenting on the investment, Chris Palmer, Head of Illiquid Assets Origination, Phoenix Group, said:
“We are delighted to support electric-only and hybrid vehicles being manufactured by Nissan in Sunderland. Supporting jobs and growth in every corner of the UK continues to be one of our key priorities as we play our part to help build back better and greener. We know that electric and hybrid vehicles will be key to combatting the climate crisis that we face and Phoenix continues to invest to make a positive impact on our planet and to create a sustainable future.”

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Enquiries

Dilesh Sangaran
PR Manager
Phoenix Group
07974 604 323 / 0203 735 0942
Dilesh.sangaran@thephoenixgroup.com

Notes to editors

About Phoenix Group

Phoenix Group is the UK’s largest long-term savings and retirement business with c.14 million customers and £338 billion of assets under administration across both our Heritage and Open businesses. Our Heritage business, where we are the market-leader, is focused on the safe and efficient management of insurance policies. The Heritage business comprises products that are no longer actively marketed to customers, and where we have stepped in as the custodian of these policies. We have built this business through the consolidation of over 100 legacy insurance brands. Our Open business comprises products that are actively marketed to new and existing customers and has five separate business units. Our Workplace pensions and Customer Savings & Investments (“CS&I”) units operate under the Standard Life brand and manufacture long-term savings and retirement products to support people saving for their future. The Retirement Solutions unit within Open includes both vesting annuities and our Bulk Purchase Annuity (“BPA”) business, where we acquire annuities and deliver the financial stability required to secure pensions currently provided by corporates. The Open business comprises our market leading brand – “SunLife” – which sells a range of financial products specifically for the over 50s market and our European business unit which spans Ireland, Germany and the International Bond segment in the UK and operates under the Standard Life brand.