A pension plan is a long-term investment so its value can fall as well as rise and your members could get back less than was paid in. Laws and tax rules may change in the future. A 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 you and your members.

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

Who is GFRP for?

Whatever the size of your business, our GFRP is designed to stretch and flex to fit your needs both now and in the future. As your business changes, GFRP is there with you to cover your pension provision requirements and help support your members to save for a happy retirement.

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.


Workplace pension scheme member


Customer service was excellent and easy to get through to. Website access was easy with accessible pension info and it was easy to navigate


Workplace pension scheme member


Customer service was excellent and easy to get through to. Website access was easy with accessible pension info and it was easy to navigate


Benefits for your 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 your just-do-it-for-me members a simple default lifestyle profile option. And if you have some members who want to be a bit more active - they can choose from a full range of funds to suit their needs.
  • Easily transferred
    If your 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 your members want to start thinking about taking money from their pension plan, we can offer them a range of retirement options that suit their needs along with handy retirement planning tools and guided digital planning journeys.

Benefits for you

  • Easy online application for auto-enrolment
    You can get a quote and apply online any time that suits you.
  • Easy to manage
    We’ll set you up with a dedicated online administration platform, so that it’s simple for you to set up your pension scheme and manage everything in one place.
  • Engaged members
    We’ll keep in touch with your members to help them stay engaged, value the workplace pension you provide 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 workplace pension compliant with pension regulations for employers.
  • A seamless journey
    We’ll get your scheme set up and running smoothly. We’ll work with you to pinpoint your particular needs, plan the transition and also keep you updated on the latest pension news.

Why upgrade to a GSIPP?

If your members are looking for an even wider investment choice then they can upgrade to our Group Self Invested Personal Pension (GSIPP) plan.

Wider investment choice

Upgrading to a GSIPP throws the doors open to a huge range of investment choices - your members can select from thousands of funds, stocks and shares, and other investments.

Value for money

Members only pay for the features they use. For example, if they choose to invest in stocks and shares there may be additional charges for administration and transactions.

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. Don’t let this put you off: 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.

What next?