Reuters reported that the closure will generate a non-operating loss of around £45m ($70.56m).

The unit will reportedly put a halt to accepting new applications or contributions to current plans with immediate effect.

The move is said to be part the insurer’s strategy to shifts its focus towards its Chinese and Indian joint ventures and its asset management business.

Standard Life chief operations officer Sandy Begbie was reported as saying: "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."