He will take over from David Nish who has been chief executive since January 2010. Mr Nish will now be able to focus on his role as group chief executive.

Mr Matthews will be responsible for UK operations, customer services, IT and change. He will be the first full time chief executive in three years.

He joined Standard Life in 1989 and worked most recently as Take to Market director which involved bringing sales, marketing and distribution closer together within the Retail, Corporate and Direct to Customer businesses.

Mr Matthews said: “With the introduction of the RDR, Nest and wider pensions reform we will see the biggest set of changes our industry has ever experienced. Standard Life is strategically well positioned for these changes which will fundamentally alter the UK savings environment.

“I am delighted to be leading our UK business through this exciting period and am looking forward to the opportunities ahead.”

Mr Nish said: “Paul is a strong and respected leader. His experience and understanding of the UK market, combined with his customer focused approach, make him the ideal person to lead our UK business.”