Why Choose Standard Life as your Auto-Enrolment Provider

So what should you be looking for from the workplace pension menu that's out there? It's a decision that requires careful thinking. In our opinion it's Standard Life who provides the more full-bodied solution.

Standard Life has been recognised as a 5-star service provider by Defaqto, with customer satisfaction scores of 4.8 out of 5 and service staff with an average 16 years of experience, we provide peace of mind that employers will be well looked after.

Watch our video about why we feel a workplace pension through Standard Life is right for your clients

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Meeting the needs of you and your clients

Group Flexible Retirement Plan (GFRP)

Standard Life’s Group Flexible Retirement Plan (GFRP) works for all types of employees. From those who want and need the support of a strong default investment to those who want more flexibility in fund choice or even to upgrade to a Group Self Invested Personal Pension (GSIPP)

Flexible contributions for our GFRP

Some providers have put a limit on annual contributions. Standard Life hasn’t. Having flexible contributions means it also works for higher earners and those who want to save more. Legislative Annual Allowance rules still apply.

Approaching retirement

With the new freedoms and flexibility with how members can take their pension money, pensions are set to become an even more attractive choice for savers as they’ll have more control over what they do with their money.

Drawdown – As market leaders in the drawdown market, we’ve focussed on enhancing and expanding our drawdown product giving flexibility for members to take the amount of money they want, when they want it, how they want it and where they want it paid.

The flexibility of the product means members can take all or part of their tax free cash, an income or a mixture of both. Members can also take full encashment not just their tax free cash. This is facilitated through our Active Money Personal Plan (AMPP), which allows members to access their money tax efficiently whilst giving employers and trustees a clear separation between the scheme and a member’s choice at retirement.

Annuity – We provide access to annuities from a panel of providers.

Cash – Members can also take their money as cash if they wish. We’ll make sure they’re aware of any associated tax implications of this decision.

Better Options for Members

Quality default investment option

The default has been created specifically for workplace pensions with innovative design, robust investment governance and application of Standard Life Investments’ expertise to meet the needs of employees and focus on good member outcomes.

See more on information on Standard Life Strategic Lifestyle Profile Active Plus III

Access to 250+ funds after auto-enrolment

After joining, members can access the full range of 250+ funds. If they upgrade to GSIPP they can access more than 13,000 investment options. Therefore, Standard Life is also suitable for people who want more investment choice.

As with any investment the value of these funds can go up or down and may be worth less than was invested.

Simple transparent charges

With a transparent total annual fund charge (including the fund management charge and additional expenses) on our default fund for all active and deferred members, Standard Life keeps it simple. Different charges will apply if members select funds that are not the default or upgrade to GSIPP.

Relentless focus on making it easy

Standard Life’s proposition is designed and tested to meet the needs of employers, with support in place if any help is needed.

Ongoing communication support

We’re using our customer insight to develop a retirement journey which reflects the greater choice available to members at retirement. The journey starts from age 50 and is based on customer needs and is driven by a member’s age and behaviour in the run up to retirement. This follows 3 phases:

  • Initial awareness – age 50-54
  • Planning and deciding – age 54 - until action is taken
  • Review – after action has been taken

We’re committed to investing in innovative ways to engage customers with their pension. Our aim is to raise awareness through retirement roadshows, social media, national press, YouTube videos, radio interviews and events across the country.