Top pensions and annuities FAQs
The reduction in the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 was dropped from the Finance Bill 2017 due to the snap election. However, the Government has now confirmed that the cut will be included in a new Finance Bill and the intention is that the £4,000 MPAA will apply retrospectively from 6 April 2017.
We are working with the FCA to review annuities purchased since July 2008 through Standard Life on a non-advised basis, where customers did not use a financial adviser. Visit our questions and answers page to find out more. We have also established a team to help customers who have specific questions. You can call this team on 0345 266 1208.
Call charges will vary.
The government wants people to save for their retirement. But it realises that people might not want to commit to saving in a pension that can't be touched for some years. So to encourage people to save, it gives tax relief on your pension contributions.
As an example, if you invest £80 a month, the taxman currently adds £20 - making £100 in total. This happens automatically.
If you're a higher or additional rate taxpayer, you may qualify for extra tax relief. If this is the case we'll claim the first 20% tax relief for you and add it to your plan. You'll need to claim the additional tax relief through your tax return.
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.
Relying on your property to fund your retirement income could be risky.
For a start, to release any cash you would need to move home and downsize. This could involve a lot of cost, such as paying stamp duty. Another alternative is equity release, which could prove an expensive way to raise the funds you need.
And having all your investments in one asset, is risky. If your money is tied up in a house, you are at the mercy of the property market when you need to sell. Look in to setting up a Pension.
We normally send you a note at the end of the tax year about how much income you've received. If you can't find this or haven't received it then contact us and we can give you the information you need.
Top savings and investments FAQs
For the 2017/18 tax year, you can invest up to £20,000 in a Stocks & Shares ISA.
No, ISAs do not have to be included in your tax return to HMRC (HM Revenue & Customs). Tax rules may change in the future.
No. There is no fixed time limit for the stocks and shares ISA. You should view your ISA as a medium to long-term investment, which means it should usually be held for at least five years. You are able to withdraw money at any time.
Top online servicing FAQs
For quick online registration, click on the ‘register’ button found in the top right hand corner on every page of our website.
We’ll ask you to confirm some plan details and verify your email address. This will allow you to set your own username and password.
We’ll also ask you to set some additional security. You will be asked to set up 3 security questions and you can choose to set a recovery mobile number. Your account will then be set up and you can login straight away.
Or just call us on 0345 606 0098 - Monday to Friday between 09:00 and 17:00. You will need to have your plan number, which you can find in your annual statement or in most letters we’ve sent you. We’ll do our security checks over the phone and send you the verification email to set up your login details.
Calls may be monitored and / or recorded to protect both you and us and help with our training. Call charges will vary.
Our additional security will allow you to get back online quickly, easily and securely in the future if you ever forget your login details.
If you have set up a recovery mobile number we will send you an SMS with a 6 digit code by default. If not, we will ask you to answer one of your pre-set security questions.
You should keep this information up to date and if you ever need to make any changes you can visit the ‘Security Settings’ tab within the ‘My Details’ section of our secure online servicing.
You will never be asked your personal security questions over the phone.
To login, click on the ‘login’ button that you will find in the top right-hand corner on every page of our website. We’ll ask you to enter your username and full password.
Remember to keep your login information private and secure.
We'll never send out emails to existing customers that ask for security details or other confidential information from you.
When accessing our online facility, please ensure you login through this website - never go to any internet banking website from a link in an e-mail and then enter personal details.
If you receive an email that looks as if it has been sent from Standard Life requesting your Internet security or other confidential details, please do not respond to this or visit any site which the email may link to. Read our security information to find out what you should do.
Staying safe online can be easy and straightforward by applying some simple rules and knowing what the most common fraudster scams are.
We’ve pulled together a few helpful tips to get you started:
We would strongly encourage you to set up a recovery mobile number on your online accounts. At Standard Life, we will use this to help you retrieve/reset forgotten login details quickly and securely.
It’s also important to run the most up to date version of your chosen browser. They will provide you with better protection from online viruses and other threats and usually resolve security vulnerabilities in previous browser versions. The latest browser version will also give you a better online experience by offering you better features and better website compatibility.
To protect the privacy of your information, it is recommended that you switch off auto-fill (or autocomplete) on your browser. By default most browsers save the information you type into input fields so that the next time you have to enter this information the browser can offer to autofill this for you. While this can be a handy time saver, it can also make your personal, sensitive information vulnerable.
For more detailed information, visit our staying safe online web page
Top life plan FAQs
If it is a single life plan you can do this over the phone, please call us on 0800 634 7472. Call charges will vary. If it is a joint life plan we would need to speak to both plan holders on the same day or receive a letter signed by both parties. We may still need to request documentation from you and we'll let you know if this is required.
We'll write to you about 5-6 weeks before your plan matures to confirm what is going to happen. If the money is going back to the same account you paid us from and you are happy with that, no action is required. If you would prefer the money to go to a different account please call us on 0800 634 7478. Call charges will vary.
A lot depends on the type of plan that the deceased held. If you have any questions relating to a claim please call us on 0345 6060 031. Call charges will vary.
Top company information FAQs
Yes you can get financial advice from Standard Life. We have experts on hand who can help you on the phone. Simply contact us. Standard Life Direct only advise on, and sell products from subsidiaries of Standard Life Aberdeen plc and some external providers
Our people offer their time and skills through volunteering and charity secondments. Our strategic focus is employability - working with our people and other key stakeholders to deliver sustainable employment and build a future we can all look forward to.
We also support communities by donating time, facilities and other items, like computers and furniture, to schools, charities and other community groups.
Engaging our people with our sustainability activities creates a positive working environment and develops their skills and networks.
You can find out more by reading our Sustainability Report.
