How personal pensions work

Saving into a pension on a regular basis during your working life

Basic rate tax relief on your contributions

Savings you can use later in life when you want to work less or retire

If you are a higher rate taxpayer, you can claim any tax relief due to you via your self-assessment tax return.

What is a personal pension?

In simple terms, a pension is a long-term savings plan and a tax-efficient way to save money during your working life.

Saving as much as you can, for as long as you can, could play a big role in giving you the lifestyle in later life that you’d like.

Investment returns aren’t guaranteed. The value of your investment can go down as well as up and may be worth less than what was paid in. And remember, tax rules can always change and what it means for you will depend on your individual circumstances.

Our personal pension

Easy investment option

Looking for a simple and tax-efficient way of saving for retirement? Our Easy option personal pension could be right for you.

  • Pay in from £80 a month or an £800 lump sum

  • Start, stop or change payments online

  • Let experts manage your investments for you

DIY investment option

Our DIY option could be a good choice if you want to choose and manage your own pension investments. You can review and switch funds easily.

  • Pay in from £80 a month or an £800 lump sum

  • Start, stop or change payments online

  • Choose from hundreds of investment funds from leading fund managers

You will select "Easy" or "DIY" investment during set up

Can you combine your pensions?

Yes you can. It’s normally easy to transfer pensions you have elsewhere 
into your Standard Life pension

Why transfer a pension?

  • One clear view

    Everything's in one place, making it easy to review and track your pension’s performance online and on our app

  • Good value

    No transfer or set-up fees and any Standard Life discount you have will apply to pensions you transfer across

  • Modern and flexible options

    Easy online access to your money when it comes time to take it

  • Wide investment range

    Freedom to choose how your investments are managed – DIY or by our experts

Transferring will not be right for everyone, you need to consider the facts before deciding. 
For example, you could lose money by giving up valuable guarantees or benefits you might get from your other pensions. 
There’s no guarantee you will get more as a result of transferring. If you’re unsure, seek financial advice.