A personal pension is normally set up by you instead of your employer.
Anyone can open a personal pension, and you can have more than one. They can be used by people who are self-employed, or directors of limited companies, who don’t have access to a workplace pension.
There are different types of personal pension. As well as our Active Money Personal Pension, we also offer a stakeholder pension and a SIPP (self-invested personal pension).
A SIPP is for experienced investors who want access to a wide range of investment types like mutual funds or specific investments like commercial property and gold bullion.
They are designed for those who are comfortable regularly reviewing their pension investments.
We've been looking after people's money for 200 years.
Our personal pension offers flexible withdrawals, and our app makes it easy to stay on top of things.
We also offer free retirement webinars, and our UK-based pensions experts are just a phone call away if you need support.
When you die, any remaining pension pot can be passed to your beneficiaries normally inheritance tax-free.
- If you die before age 75, this will normally be free of income tax.
- If you die after age 75, this will normally be taxed as income at the beneficiary’s marginal rate.
From April 2027, the government have announced their intention to include unused pension savings when calculating the value of estates and could be subject to inheritance tax. The full details of how this will work are still to be confirmed.
It’s important to nominate a beneficiary so we know who to pass your personal pension on to. With Standard Life you can do this in the app or online – it only takes a couple of minutes.
There’s an estimated £26 billion in lost pensions in the UK. When you house or move jobs, it’s easy to lose track, so it’s worth double-checking. The government’s Pension Tracing Service can help if you think you may have missing pensions you could transfer. You can also get in touch with your provider or with previous employers.
You can use the Standard Life app or log in via a computer to make payments, manage your pension investments, or just keep an eye on things. You can send us a secure message if you have questions about your personal pension.
We also have UK-based phone support from qualified pension experts. Call us on 0800 970 4131 to speak to one of our team. Call charges vary. Our opening hours (including on bank holidays) are:
Monday: 9am to 5pm
Tuesday: 9am to 5pm
Wednesday: 10am to 5pm
Thursday: 9am to 5pm
Friday: 9am to 5pm
