More information about transferring to Standard Life for flexible access
Here are some of the questions and information customers find useful when considering transferring their pension for flexible access
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Why do I have to transfer my Phoenix Life pension for flexible access?
Most Phoenix Life pensions were set up before changes to pensions allowed you to access your money through flexible access, also known as drawdown. Your current pension may not offer the flexible access you’re looking for but Standard Life, who are part of the same group of companies as Phoenix Life, do. You don't have to transfer to Standard Life, you can move to any provider that offers the options you are looking for.
We can help you transfer your existing pension to a new Standard Life Active Money Personal Pension. We will close your Phoenix Life pension and transfer your pension plan money to the new Standard Life plan, which will let you access your money when you want to.
Why am I being offered a Standard Life pension?
Standard Life and Phoenix Life are part of the same group of companies - Phoenix Group. Standard Life have been looking after peoples’ money for nearly 200 years and the Active Money Personal Pension offers flexible access (or drawdown) to help you manage your pension flexibly in retirement, online and by phone.
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What is a pension transfer?
A pension transfer is when you move your pension savings from one plan to another, often from another provider.
How does the pension transfer process work?
You can transfer your Phoenix Life pension to Standard Life using our online service, or by phone. If you choose online, you will receive an email at the end of your transfer application setting out what happens next. If you decide to use the telephone service, you will be informed of next steps on the call.
Do I need to transfer my full Phoenix Life pension to Standard Life or just the amount I want to withdraw?
The full amount will be transferred out of your Phoenix Life pension and your Phoenix Life pension will close.
If you go ahead online, we’ll let you know when your pension has been transferred and you can then log in to make your withdrawal request.
If you go ahead by phone, the money you have requested to withdraw will be paid to you once the transfer is complete, and we’ll let you know how to log in and manage your new Active Money Personal Pension.
Can I also transfer in pensions from my other providers?
Yes, once your Active Money Personal Pension is set up you can transfer in other pensions you may have. You can do this online or by phone. We won’t charge you for this, but you need to check if your other pensions have exit fees, valuable guarantees or features you may be giving up.
How long will my pension transfer take?
It usually takes around 3 weeks to transfer your money to Standard Life. Once it's transferred, it normally takes around 10 working days for any money to be paid to you, once requested.
Can I save more into my pension once I have transferred into Active Money Personal Pension?
Yes, you can transfer in pensions from other providers and make one off or regular payments to your new pension with Standard Life subject to normal pension payment rules. You can change or pause payments whenever you like. The amount you can pay into your pension reduces once you start taking taxable withdrawals. Find out more at government backed Moneyhelper
Do I have to make payments into my new pension?
No. Once you have transferred you don't have to make any payments into your new pension.
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How can I manage my pension with Standard Life?
Once your new pension it set up, we will send you details on how you can manage your plan online. You can log in to see your pension dashboard or download the Standard Life App. This will let you track your pension value, withdraw money, make payments, and manage your pension investments. You can also send us a secure online message if you have questions or speak to our UK-based phone support.
Will I be charged for transferring my pension to Standard Life?
Standard Life won’t charge you to transfer your pension plan, or to transfer any other pensions from different providers into your new pension. If there are any charges for leaving Phoenix Life, they’ll tell you about these in your annual statement, retirement options letter or whenever you speak to them about your retirement options.
What are the Active Money Personal Pension charges?
The charges you pay will depend on where you choose to invest and the value of your pension. If you choose one of Standard Life’s ready-made investment options (known as Investment Pathways), the charge will be around 0.7% if your pension value is less than £25,000, or 0.5% if your pension value is more than £25,000. If you choose your own investments from the full fund range, your charge could be higher or lower than this. Standard Life will tell you about your personal investment charges and any discounts when you make your investment choice.
How do I choose where to invest my pension?
You will be guided through the ready-made investment options (known as Investment Pathways), or can choose from the full fund range when using the online service and by phone.
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What do I need to know before I go ahead with the transfer?
Things you need to know are:
- The approximate value of the pension you want to transfer
- The Phoenix Life pension plan/policy number
- Your National Insurance number
- Whether you are giving up any valuable benefits by closing your old pension
You’ll find these in your most recent pension statement or retirement options letter, so it’s good to have these to hand. If you don’t know this, you can call Phoenix Life to request this information.
What do I need to do to start the transfer?
If you decide to go ahead online, you can use the link provided in your email from Phoenix Life. If you decide to go ahead by phone, you can call Phoenix Life on the number noted on your statement and they’ll connect you directly with Standard Life.
What if I change my mind?
Once you transfer your Phoenix Life pension it is effectively closed and can’t be reinstated. You have 30 days to cancel your new Standard Life pension from when you receive your new pension documents. In this event, you would need to arrange to transfer the money to another pension provider. After 30 days, you'll be bound by the terms and conditions of your new Standard Life pension plan.
Do I have other pension options?
We recommend you research all of the pension options available to you and pick the one which is right for you and your retirement plans:
- You can transfer your pension to any other provider who also offers flexible access (drawdown)
- You also have other retirement options like, purchasing an annuity or taking it all in one lump sum.
You can find out more information by either reviewing your most recent annual statement or calling Phoenix Life on the number noted on your statement.
Transferring may not be right for everyone. Your pension money is invested, which means its value can go down as well as up and could be worth less than was paid in.
When looking at ways to access your pension savings take time to shop around for the best deal. We recommend you seek guidance or financial advice before making any decisions. You can get free impartial guidance from Pension Wise, a government-backed service from MoneyHelper. They can also help you find out more about shopping around.