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). We strongly recommend you seek financial advice before buying this product.
- generous tax
benefits. For example, pay in £80 (tax year 2009-10) and have it topped up to £100 if you are a non-tax payer or basic-rate tax payer. If you're a higher-rate taxpayer you'll need to reclaim the extra tax relief through your tax return. If you earn over £130,000 a year, you should also read about the recent tax changes to pension plans announced in the 2009 budget.
- the information given here is based on our current understanding of law and HM Revenue & Customs practice. Tax and legislation are likely to change in future. Tax relief may alter, and its value depends on your financial circumstances.
- low charges - 1% of your fund value each year.
- your 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.
- you cannot cash in this plan at any time.
- you may get back less than you pay in.
- 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).
For full details of the risks and commitment involved, please read the Stakeholder Key Features Document(SPP17)
A Stakeholder pension from Standard Life aims 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.
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