Help your employees plan for retirement
Retirement is being reimagined in positive ways and for many retired people the reality is better than the expectation. The days of the cliff-edge experience are dwindling, and many people now view it more as a process than an event.
However, many people are not confident in their knowledge of pensions and the retirement options available to them. This uncertainty and doubt can curb their ability to make good decisions. That's where we come in. We can help you help your members invest for their future and give them a range of options at retirement.
Standard Life solutions designed for retirement
We're continuing to invest in our retirement solutions and support services to make retirement planning easier for your members.
Our in-scheme drawdown solution allows members to access their benefits within their workplace pension plan, offering:
- The ability to save and take an income in a single plan
- Lump sum and regular withdrawals
- No minimum eligibility limit and no additional charges
- Retention of any scheme discounts when accessing drawdown
- The ability to transfer in other pension plans
- Increased flexibility for your employees
Since retirement is no longer a definite 'hard stop', this enables people to transition from work on their own terms. Members can continue to make pension contributions if they want to continue working and have the advantage of retaining their existing scheme terms.
In-scheme drawdown is currently available on our three main pension plans:
Investment Pathways are ready-made options designed to broadly reflect your members' retirement plans. So your members can be confident they're invested in a way that better fits how they want to access their pension money.
Our four investment options are designed for members who:
- Have no plans to touch their money in the next five years
- Are planning to set up a guaranteed income in the next five years
- Are planning to take money as a long-term income in the next five years
- Are planning to take out all their money in the next five years
The pathway options are designed with a five-year investment timeframe in mind, but your members can change their investment choice at any time. As with any investment, the value of a pathway can go down as well as up and your members could get back less than they pay in.
Member support at retirement
Help is available for members throughout their life, and the support is particularly concentrated in the run up to retirement.
Employee Engagement Programme
Our Employee Engagement Programme has an established range of retirement communications, starting just before a member's 50th birthday. This supports them with information at regular intervals up to their selected retirement age.
PLSA Retirement Living Standards
The PLSA is the Pensions and Lifetime Savings Association. To help members overcome the challenge of trying to identify how much money they'll need in retirement we've added information on the PLSA Retirement Living Standards to our Annual Statements.
Members can also use our online Retirement Income Tool to see their estimated future retirement income and the type of lifestyle this could give them – also based on the PLSA standards. Members have the option to add in other pensions to the Retirement Income Tool so they can see their fuller picture and get a better idea of whether they're on track.
We're also incorporating these standards into our Client Analytics centre to help you better understand the levels your members are on target for.
Online and telephony support
Our pre-retirement member communications highlight the support options available to them including:
- Guided online support, available through the member dashboard, including tools and calculators and a guided online drawdown journey
- Telephone support from our dedicated Telephony Guidance retirement experts
- Access to retirement events and webinars