You'll have the legal right to cancel the contract within 30 days of taking it out. Once that time has expired you can't change your options or move to another provider.
The payments will stop unless you've:
Inflation can reduce the value of your pension over time.
To protect against the effects of inflation, you can opt for an automatic yearly change in your income in line with inflation (inflation can be negative as well as positive), or at a fixed rate of up to and including 8.5%. Because it's likely that your pension income will increase each year, choosing this option will reduce the income that you'll receive initially.
If you've been contracted-out of the State Second Pension (S2P), then your pension fund may include an amount relating to the Guaranteed Minimum Pension (GMP), Section 9(2B) Rights or Protected Rights. The guarantee period is restricted to 5 years for these parts of the fund.
Your regular income is guaranteed until you die. If you have chosen a guarantee period, it will be paid until the end of this period, even if you die earlier. If you've chosen to provide an income for any dependants after your death, this will be paid until they die, or, in the case of a child, until they reach age 23.
Standard Life has been looking after its customers for over 180 years, and currently around 7 million people worldwide rely on us for their financial needs.
Like most people, you want to know that your financial future is in good hands. Standard Life places a great deal of importance on getting your money to work hard for you; that's why we believe you can have confidence in us.
