Overview

Stakeholder pensions were introduced to encourage people from all walks of life to save for retirement.

Things you should know about a Standard Life Stakeholder:

• it's low cost. You can start one with as little as £20 a month (gross), although you should try to save as much as you can reasonably afford, without over-stretching yourself.
• generous tax benefits. Pay in £80 (tax year 2008-09) and have it topped up to £100 if you are a non-tax payer or basic-rate tax payer. Higher-rate tax payers can claim back an extra 20% through their tax return. Tax relief may alter and its value depends on your financial circumstances.
• low charges - 1% of your fund value each year.
• the money is locked away until you reach retirement age. The minimum retirement age is currently 50 but will increase to 55 after April 2010.
• a carefully selected choice of investment funds
• remember that what you get at retirement age will depend on:
  • how much you save
  • the performance of your chosen funds
  • any payment breaks you take (stopping payments will reduce your final fund).
• You cannot cash in this plan at any time.

A Stakeholder from Standard Life is designed to grow and change with you. You can increase payments, take a break for a while (which will reduce your final fund value) or switch funds. You can only invest in 12 of our funds at any one time. The maximum number of different funds you can invest in during the term of your plan is 20.

If you start a new job you can carry on paying into your plan or transfer it to your new employer's scheme at no extra charge.