Standard Life director Sandy Begbie has cashed in share options worth almost £1million after exercising his rights under two separate awards.

Mr Begbie, people and operations director at Standard Life, picked up 195,116 shares under a three-year long-term incentive plan award which vested last week. All the shares were sold at a price of just under £4.80, raising over £936,000. Shares awarded two years ago as the deferred element of Mr Begbie's 2012 bonus also vested last week. Of the 50,045 shares vesting, 23,581 were sold at £4.795 to cover a tax liability of over £113,000, but the balance of 26,464 shares, worth £126,500 at last night's closing price, was retained. That takes Mr Begbie's total holding to 95,499 shares, worth over £456,000.