Standard
Life Pensions and Annuities
Standard Life Pensions and Annuities
A
Standard Life Personal Pension Flex allows you to save in
a tax efficient way for your retirement. You make regular
contributions, which Standard Life invest in a wide range
of investment funds to help your money grow. If you are employed,
your employer can also pay into the plan. This simple, single-charge
pension scheme is flexible enough to adapt to changes in your
life.
Who
can have one?
You can take out a Personal Pension Flex if you are:
- normally
resident in the UK and
- under
75.
However,
if you are employed and are also a member of your employer’s
occupational pension scheme you can only have one if you:
- are
not a Controlling Director (and were not a Controlling Director
in the previous tax year),
- did
not earn more than £30,000 in the previous tax year,
and
- will
not be contributing more than £3,600 a year gross
(including employer contributions) to this plan.
If
you don’t live in the UK, but have earnings that are
subject to UK tax, you may be eligible.
Making
payments to Standard Life
You decide how much to pay into your plan and how often you
make payments. The minimum regular monthly payment is £40
gross. The minimum single contribution or transfer value will
be £1,000 gross if no other contributions have been
made to the plan. If regular contributions are being made
or a single contribution or transfer value has already been
paid into the plan, the minimum additional single contribution
or transfer value is £500 gross.
The
maximum amount you can invest without evidence of earnings
is limited by the Inland Revenue to £3,600 a year. In
some cases you can contribute more than this.
Where
will my money be invested?
Your payments will be invested in one or more of Standard
Life's wide range of professionally managed funds, both from
Standard Life and other companies. These can be their Investment-Linked
and/or With Profits funds, or the external fund links available.
You can switch funds at any time. You can also ask Standard
Life to transfer your funds automatically into lower risk
investments as you get closer to retirement.
For
further information on Standard Life Pensions and Annuities
visit the Standard Life website.
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