Pension options

Which pension is right for you?

With so many different types of pension available it’s hard to know where to start. We can help you find one that’s right for you.

Think about how much money you’ll need to fund the retirement you’d like and work out how much you can afford to invest in your pension until then. Use our Risk Questionnaire tool to see what your attitude to risk is. And if you’re likely to cash your pension in early, have you considered how flexible it is?

Types of pensions and how to apply

UK State Pension

In the 2011/12 tax year, the basic UK State Pension benefit for a single person is just £5,311.80 a year. For most people the State Pension alone doesn't provide enough money to live on.

Personal pensions

Personal pensions are flexible and offer real tax benefits. We offer 3 types:

AMPP, which stands for our active money personal pension. This offers real flexibility and you can start saving from £80 a month and change, stop and restart payments as you like.

SIPP stands for self-invested personal pension and these can be good if you need flexibility. SIPPs offer different investment options which you control. They may result in a higher risk to the money you put in but can be a tax efficient way of investing in a pension.

Stakeholder pensions are simple, low cost personal pensions, designed for both individuals and employers. They can be started from £16 a month and offer generous tax benefits.

Company pensions

Company pension schemes vary depending on your employer. Before you join a company pension scheme you need to check how much you’ll have to pay and what contribution your employer will make. Read more about company pensions.

Charges

We charge variable fees depending on which pension you invest in. These pay for things like administration, specialist investment advice and ongoing management.

Before you decide

Before applying for a pension you may want to view our Pensions Comparison Table or contact Standard Life Direct on 0845 272 8810.

Standard Life Direct is provided by Standard Life Client Management which advises on, and sells products from, subsidiaries of Standard Life plc and some external providers. Lines are open Monday-Thursday from 9am - 8pm, Friday 9am - 6pm and Saturday 9am - 1pm. Call charges may vary.

Important information

With all pensions, your money is locked away until your retirement age The value of any investments can go down as well as up and you may get back less than you put in. Tax relief may change. Its value depends on your individual circumstances. The information provided here is based on our understanding of current law and HM Revenue & Customs practice.