Standard Life Independent Pension Review
Boring Money Review of Standard Life Pension
Holly Mackay's View
Standard Life, now owned by pensions whopper Phoenix, is a solid, decently-pricedoption managed by a group with a long pensions pedigree. Customers can see a clear valuation, charges are easy to see and there’s all the information anyone could want. Information is different to guidance and users are largely left to find their own way from A to B, which is a problem if you don’t really know what you’re looking for! It lacks some of the sparkle of some more digitally-focused providers but the combo of brand, size and solidity will reassure many who value security and are happy with the default options.
Holly has accounts with all the providers on our website and independently reviews all of them.
Customer Reviews of Standard Life Pension
We collect reviews and share feedback from real users to give you the best information about providers.
26 March 2025
Since taking my tax free allowance, they made me move my funds into a different fund for some reason which they wouldnt explain and this new fund has resulted in an overall loss over the past 11 months, im looking to move the a better provider as ive lost faith in Standard Life being able to deliver a profit on my funds ,
James
23 June 2024
Really poor performance. In 10 years of contributions, they managed to make a little over £2000. Would better invest in gold and after 10 years get double.
Airimas
Your opinion matters!
Leave a review for Standard Life
Is Standard Life Pension right for you?
Ease of use
Standard Life’s website has a clear pension focus, with a wide variety of content and tools around retirement planning, different options when it comes to accessing pension funds, and more complex concepts like equity release. Whilst the range of content is helpful, the volume of information and its delivery can be quite overwhelming for those less comfortable with finance. The retirement guides are probably a good place to start. Users can apply for a personal pension online or via the app, and this takes approximately 10 minutes.
Mobile & Apps
Standard Life’s app scores highly on both the App and Play Store.Users can manage pension payments, change investments and make transfers, among other features. Improvements to the app continue to be made and there is a ‘how to’ video series available on the website to help customers use the app more effectively. Again, it’s more helpful for those with a clear idea of what they want to do, rather than those with a niggling feeling they should be doing more but want someone to tell them what to do!
Facts, Fees & Behind the Scenes at Standard Life
The logged-in experience is relatively smooth, with a personalised dashboard for each user which is updated with things like current valuations. It is fairly easy to navigate to the relevant section and perform key actions, like requesting statements, making additional contributions and setting up drawdown. Charges are presented clearly in both £ and % form. A risk questionnaire is available and has recently been updated – this can help customers pick the right risk profile. It’s pretty standard industry fare and more could be done to explain risk in a way which chimes with non-finance professionals.
What investments are available on Standard Life?
Products
Self-Invested Personal Pension (SIPP)
Investments available
Own brand funds
Funds from other groups
Investment help
Robo advice / ready-made portfolios
Includes a shortlist of investments
Pick your own funds
The 'Geeky' Details
Standard Life were acquired by the Phoenix Group in 2018, which is the UK’s largest long-term savings and retirement business. The website has a strong pension focus, with useful content around how pensions work, different options for pension holders in retirement, and rules on issues like inheritance tax and the Lifetime Allowance.
Pensions guides and tools are also available. Examples of tools include a retirement planner and a pension calculator. When used in tandem, these can help users get an idea of how much money they want in retirement and visualise how close they are to their retirement target income. Standard Life’s pension calculators addresses key questions, including whether or not you’re saving enough to meet your retirement goals.
Whilst the range of content is helpful, sections of the website may be overwhelming for less confident savers who could initially be blinded in the information headlights. Website navigation and usability has improved, but it still lacks some of the modernity of current competitors.
Standard Life’s personal pension has two ways to invest. The first is a ready-made route, in which users are guided towards an investment solution that automatically adjusts how your money is invested as you get closer to retirement. This will suit those who don’t want to deal with selecting appropriate investments, instead preferring minimum fuss and a hands-free approach.
The ready-made route costs 0.70% for pensions under £25,000 and 0.50% for pensions above £25,000. That works out at £70 per year on a £10,000 pension and £500 per year on a £100,000 pension pot.We think these charges are reasonable and certainly in line with what we’d expect to see – they’re not expensive and they’re not the cheapest. At the low end of the middle for this type of offer.
The second option offers more control and lets users pick from roughly 300 different Standard Life funds, which include sustainable options, international equity funds, and bond funds. Price varies depending on the type of fund you select and drop when your pension pot reaches the £25k threshold.
In summary, Standard Life is a good option for those looking for a pension. Pricing is competitive and there is a decent range of funds available for those who want to pick and choose where their money is invested. We think this suits those looking for a ready-made solution from a large well-known brand which ticks all the boxes even if it’s not the most digitally advanced and has more to do in terms of guiding people through their choices. If you’re looking to buy shares directly or want access to the open market and lots of choice about what actually goes inside your pension, this probably isn’t the right place for you.
Important Facts & Figures about Standard Life
Provider Size:
Established provider that is part of the UK’s largest long-term saving and retirement business.
Minimum Amounts:
£80 minimum monthly amount
£800 minimum initial amount
