A pension plan is a long-term investment so its value can fall as well as rise and members could get back less than was paid in. Laws and tax rules may change in the future. Member's personal circumstances and where they live in the UK will also have an impact on tax treatment.

Standard Life's two contract-based schemes

Our Group Flexible Retirement Plan (GFRP) is a contract-based workplace pension scheme that offers exceptional control, flexibility and investment choice for your clients and their members.

Our Group Self-Invested Pension Plan (GSIPP) is incredibly versatile, scalable and flexible. It can offer your clients and their members everything from the very simplest do-it-for-me default investment approach right through to full hands-on choice from the global market.

Why choose a Standard Life contract-based pension scheme?

Flexibility, industry awards and impressive facts and figures are all very important, of course, but if you asked us at Standard Life what we’re most proud of in our GFRP and our GSIPP, we won’t hesitate to tell you – it’s member experience, every time.

It’s absolutely what drives us to keep improving, and we’re happiest when we hear how satisfied workplace members are with their pension scheme. It’s all about engagement and support and that’s where we are proud to excel.

 

Benefits for members

  • Online dashboard and mobile app
    We invest heavily in member online experience, and members can easily register for our online dashboard and mobile app to view and manage their pension plan.
  • Easy investment options - and more investment choice for those who want it. We'll offer just-do-it-for-me members a simple default lifestyle profile option. And if some members want to be a bit more active - they can choose from a full range of funds to suit their needs.
  • Easily transferred
    If members move on, their plan will be converted to a personal pension. They can choose to transfer into another pension scheme or leave it as a personal pension (but please note that transferring isn't right for everyone).
  • Flexible retirement options
    When members want to start thinking about taking money from their pension plan, we can offer a range of retirement options that suit their needs along with handy retirement planning tools and guided digital planning journeys.

Benefits for clients

  • Easy online application for auto-enrolment
    They can get a quote and apply online any time that suits.
  • Easy to manage
    We’ll set up a dedicated online administration platform, so that it’s simple to set up the pension scheme and manage everything in one place.
  • Engaged members
    We’ll keep in touch with members to help them stay engaged, value the workplace pension and feel positive about their future finances. And we can set you up with interesting and attractive member campaigns.
  • Always compliant
    We’ll do all the necessary reporting and supply the information needed to keep your clients' workplace pension compliant with pension regulations for employers.
  • A seamless journey
    We'll get the scheme set up and running smoothly.  We'll work with them to pinpoint their particular needs, plan the transition and keep them updated on the latest pension news.

Contract-based pension scheme governance

Contract-based schemes are based on individual contracts with the members, which are grouped together at scheme level. They don’t have a trustee board and there is no formal fiduciary duty, in the way that there is with a Master Trust. Standard Life has no fewer than four supervisory committees, and we also run quarterly Treating Customers Fairly assessments – an ongoing program of risk assessments, internal and external audit checks.

  • The Independent Governance Committee has four independent members with extensive experience and a diverse mix of skills, supported by Standard Life experts. You can meet the Independent Governance Committee (IGC) and find out more about their role.
  • The Customer committee receives input from regular member surveys, keeps processes under review and makes recommendations for improvement.
  • The Investment committee ensures funds operate in line with expectations, and holds asset managers to account.
  • The Sustainability committee is responsible for sustainability strategy, challenges business activities, and ensures strategy is embedded throughout a fairness and risk management framework.

 

Interest Rates and Charges for product bank accounts

Product bank accounts can hold money prior to investing or when making a withdrawal. For certain products they are also used to pay charges.

Read our Interest Rates and Charges for Cash Accounts page for more details.

What next?

  • Master Trust pensions

    Looking for Trustees to take on some of the burden? Our Master Trust might be a suitable option for your clients.

  • Why choose Standard Life?

    Let us tell you a bit more about Standard Life, our goals, products and clients.

  • Explore Investments

    Find out more about the investment options offered by our pensions solutions.