The company said the closure comes as a result of its increasing focus on building business with Chinese and Indian partners in Hong Kong.
The 13 members of staff at the Singapore office will be made redundant following the closure, which is expected to be completed by the end of the year subject to regulatory approval.
The company said it will not attempt to claw back any indemnity commission paid to advisers in respect of the plans.
Sandy Begbie, chief operations officer at Standard Life, said: “Asia is an important part of Standard Life’s strategy with an increasing focus on building on our relationships with Chinese and Indian partners, expanding our asset management presence and growing our wholly-owned business in Hong Kong.
“Following discussions with the regulators, we have contacted all of our customers in Singapore to offer them a closure value, including an enhancement paid into their plans.
“We feel this demonstrates Standard Life’s commitment to do what is fair and right for our customers and distribution partners in the market.”
The news follows the closure of the company’s office in the Dubai International Financial Centre in January as a result of changes in the area’s “regulatory landscape and resulting environment”.
Closure value
Standard Life’s 1300 clients based in Singapore must accept an enhanced closing offer by 6 August.
The closure value of a policy will be the higher of the total of all contributions received by Standard Life and any bonus allocation plus an 8% enhancement paid into the plan, or the plan value plus an 8% enhancement.
The company also stressed that any further contributions or monies paid after today will not be accepted and will be refunded, and that advisers should remind customers to immediately terminate any standing order instructions that they may have set up to pay regular contributions.
It has also prepared an information pack summarising the key actions for customers during this period.
