Andy Curran, chief executive of Phoenix-owned Standard Life, is retiring in the summer as the provider changes its leadership structure.

Mr Curran has been in the role for five years and helped the business hit its £1.5bn new business long-term cash target two years ahead of schedule in 2023.

His departure will coincide with Standard Life moving to a flatter leadership structure, which will see the retirement solutions and asset management divisions merge to create one business unit.

Glasgow-born Mr Curran said: “I have seen many changes first hand since I joined this sector 35 years ago and the industry’s role in society continues to be more important than ever.

“Our research shows that 17m people are expecting an income below the PLSA’s minimum retirement living standard or are not on track to achieve it.

“By the early 2040s, three in five people will be entering retirement with inadequate savings. Urgent action is needed to reverse this.”

Andy Briggs, the Phoenix chief executive, said Mr Curran “has been inspirational in transforming and turning around the business and he has been a tireless champion of customer interests”.