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Independent, no-nonsense ratings and reviews
A big name almost synonymous with pensions – solid and reliable. Not the best digital experience but from the pack of traditional players they are amongst the best. No gimmicks, few frills, but solid. This doesn’t compete with other investment providers in terms of info and research for the more enthusiastic investor. Where it comes into its own is for those who feel less certain and want a simple offer from a big name.
We score each provider on about 20 different criteria including cost, service, website, functionality, customer feedback and our experience of the service. All overseen by our PhD gonk!
Beginner Investor
Big, secure company
Easy option funds available
Easy to use website
Don’t want to take our word for it? We ask existing customers and investors to rate their experience with the company – based on value for money, overall service and the website. We need at least 20 customer reviews before we add anyone to our Best Buys list.
Based on 54 reviews
SL was chosen as the provider for my company scheme. It seems a reasonable balance of cost Vs usability, having self select and lifestyle options. The tools to evaluate performance and funds have improved recently. The Reviewer is Pre-retirement age.
20/11/2020
The have managed to do what I have told them so far which is pay me a sum once a month, just run out of the tax free amount, next payment is from the other 75% taxable dosh. What they tell me is complex, Numerous documents through the post. I'm expecting my monthly sum so continue and hoping I dont have to claim back any tax. Drawdown was Easy but confusing The Reviewer is Pre-retirement age.
17/11/2020
It's ok. The main problem I have is that I want to do lots of ad-hoc withdrawals of 25% tax free and 75% of taxable. They don't really have a process for that so I have to call them each time to take the action, and each time they treat it like the first withdrawal ! So I have to answer loads of questions which I answered just one month previously. And each time they have to send me the Pensionwise booklet -I have an extensive collection of that booklet! I would prefer it if I could do it all on line, but their website isn't set up for that type of transaction. But they are friendly when I speak to them. The Reviewer is Pre-retirement age.
16/11/2020
I am in a company pension scheme and intending to use Drawdown. Standard Life have held seminars to explain to retirees their options, which I appreciated and thought were of a high standard. There is a discount of 0.66% on their fees for my scheme. I can only invest in index funds from a range of providers, but that is what I want to do. A fund was chosen by my company but I have changed that to invest in a total of eight funds. The Reviewer is Post-retirement age.
13/11/2020
Really good. Drawdown: Reasonable. Took 3 weeks to complete transaction. The Reviewer is Pre-retirement age.
13/11/2020
very well, manages PAYE tax for me, online service good. Drawdown: very easy, but had to convince them as I didn't have an adviser at the time The Reviewer is Pre-retirement age.
13/11/2020
I don't think their customer service is the best or the quickest. Drawdown: it was completed by my financial adviser The Reviewer is Pre-retirement age.
13/11/2020
Very well, but system is a bit clunky. The Reviewer is Pre-retirement age.
13/11/2020
My SIPP went into drawdown in 2005 handled by an IFA who moved it from Legal &General in 2005 to James Hay and I took my 25% tax free lump sum. From 2005 to 2017 it did very little grew by about 5%. I then involved another IFA in 2017 who moved it to Standard Life. It has been there 3years and shrunk in value by about 3%. I Got rid of the IFA 2years ago and have now moved it to Hargreaves Lansdown 4weeks ago and I have picked all the investments. The Reviewer is Post-retirement age.
13/11/2020
Excellent, no issues, serviceable App works well when in drawdown The Reviewer is Pre-retirement age.
13/11/2020
Pretty good. They have a special number for £1m+ customers. But I have a concern as the product gas been sold to Phoenix The Reviewer is Post-retirement age.
13/11/2020
Once you identify your key points of contact, they're really helpful and responsive. They're not easy to find, and a few telephone calls is better than trying to get to them online. Drawdown: Really good pragmatic steer (they stress, NOT advice) on cost effective process to minimise administration cost. Retired, but not needing to draw down yet, so doing nothing to change status. The Reviewer is Post-retirement age.
23/10/2020
The app is well laid out and super easy to use. Very intuitive although it could benefit from allowing the user more freedom to transact rather than having to call the team.
23/10/2020
Safe, trustworthy, in the 'big' pack, and no real differentiators The Reviewer is Pre-retirement age.
23/10/2020
Limited but sufficient investment options on their basic sipp. VFM is OKish. Full fat sipp option too expensive IMO The Reviewer is Pre-retirement age.
23/10/2020
Opportunities and investment options around the SIPPS accounts not great The Reviewer is Pre-retirement age.
23/10/2020
I like the tools on the website that show whether you're on track with your pension. The Reviewer is Pre-retirement age.
16/10/2020
Staid, slow response to questions but solid, dependable, safe and with wise choice of products The Reviewer is Pre-retirement age.
16/10/2020
First rate dividends
16/10/2020
Very limited no. Of funds to choose from. Only about 300. No cheap trackers. Hard to pick top performing funds from their list. Some funds seem very expensive. The Reviewer is Post-retirement age.
16/10/2020
Good reviews, when I bought and regular, easy to understand statements.
16/10/2020
Safe, steady The Reviewer is Post-retirement age.
16/10/2020
The app is quite comprehensive. Most information to hand. The website not so good. You have to really look deep to find the information you need. Once you are familiar it is easier to locate what you need. Comprehensive, if long winded, as they need to be with any financial information. Takes a few weeks after consultation to access your money/drawdown option. The Reviewer is Post-retirement age.
16/10/2020
Standard Life's offering looks really good: comprehensive risk-targeted funds in a range of management styles for different retirement outcomes. The trouble is, as the Coronavirus crisis has shown, their highly expensive multi-asset active funds are no better than passive funds in weathering the drawdown. In fact, the active global equity (Stock Exchange) fund on my 1% SL stakeholder pension has done better than my 1.43% Myfolio Managed V. It is increasingly difficult to commit hard-earned cash to such expensive funds when the investment performance just isn't there.
16/04/2020
No comment.
04/03/2020
Big firm and stable, but... Website (for pensions) starts ok, info is good, but very little you can do in the way of transactions! I have to keep phoning them!! Switching funds online is confusing and half the funds (the cheap ones???) are not visible / available until you call them?!! Also they have now twice changed their pricing on me, without properly informing me. I suddenly found I was paying twice as much for my SIPP as I thought. Not pleased... Have switched funds to Fidelity where I'm paying half as much in platform fees, and can change funds easily and online!
22/11/2019
Good company overall, 3 Tiers of investments which makes costs / year sometimes difficult to calculate.
15/11/2019
Not as easy to use. Charges opaque.
30/01/2018
Fairly easy to keep a track of ISA investments in funds and I think the price is reasonable. I dont like the system of adding to your watchlist/save and continue clicking. I just wish I could sit back and know my monthly payment was being invested in the proportions I had set.
30/01/2018
Simple pension.
30/01/2018
No comment
30/01/2018
Technology platform and user interface extremely cumbersome. Difficult to navigate. Not at all intuitive and looks extremely dull! There is nothing to like about the online experience!
30/01/2018
Good range of fund choices, good telephone back up. However: SIPP charges are not very transparent - not obvious what I've been paying all these years! (but improving recently).
30/01/2018
They send an annual valuation that is quite simple to read. They do not allow me to merge my two pensions together without going through an adviser.
30/01/2018
Website is being upgraded but you seem to move between old bits and new bits. Can be grating.
30/01/2018
The website is pretty shocking - the first time I logged in (and actually almost every time I have logged in since) I end up swearing as I would get lost. The back buttons don't work, so log you out if you click them and it is like solving a puzzle if you want to see the different accounts you could invest in... or even transfer funds into them!
30/01/2018
Website could make it easier to find and switch funds. If you are a night owl you cannot use the app or site to check pension valuation as it "closes" between midnight and 6am. They don't seem to get that an online presence should mean 24/7 access.
30/01/2018
Low cost investing and good customer service.
30/01/2018
Good reputable brand.
26/09/2017
Make the website more intuitive and easier to navigate.
26/09/2017
Good selection of products and very good service. Need to reduce charges.
J
04/07/2017
Constancy and reliability. Making improvements slowly but getting better each year. Need to lower fees :)
04/07/2017
Informative.
04/07/2017
Cheap, and no restriction on transfers.
04/07/2017
Too expensive.
04/07/2017
Strong reputation with excellent track record.
04/07/2017
I'm only a customer by default. They seem quite old-fashioned to me.
04/07/2017
I like the much improved website and app in the last 18 months. Employer negotiated fees are good. Improve: tiered fees for larger investments.
04/07/2017
Their fees are razor thin � fabulous! I pay only something like 0.4%, as compared to Hargreaves Lansdown where I'm guessing that I'm paying closer to 1.5% when all the opaque charges are rolled in.
G
04/07/2017
Clear, simple and cost effective.
04/07/2017
I like the regular updates.
04/07/2017
I like the retirement product that they provide.
04/07/2017
I like the employee discount on fees. The website is gradually becoming more helpful and interactive.
04/07/2017
Good service when needed. Get discount on charges as company scheme which I kept when I left. Website has improved hugely in the last couple of years.
04/07/2017
As Standard Life do not offer a general investment account online without an ISA, we have been unable to test their app.
It does appear to have the ability to research and purchase new investments and add money to existing investments.
Obviously Standard Life is a major player and this will give comfort to some in terms of security and service.
The MyFolio range of pre-packaged investments is mostly well regarded by the industry and financial advisers, and does have a credible pedigree.
Stocks and Shares ISA
Junior ISA
Investment Account
Pension
Own brand funds
Funds from other groups
Robo advice / ready-made portfolios
Includes a shortlist of investments
Pick your own funds
Convenience and reasonable fees come top for reasons for choosing Standard Life for drawdown. Despite a lot of admin initially, overall it’s easy to set up. Some highlight that their systems can be a bit clunky, but for the most part meets their needs.
Standard Life is a big brand player with a relatively simple service to get less confident savers up and running. Standard Life offers a Self-Invested Personal Pension (SIPP) with access to hundreds of pension funds from leading fund managers, as well as thousands of mutual funds and stocks & shares. Lots of different investment options to choose from! You do have to commit to contributing a minimum of £240 a month into your SIPP however. They also offer a free income report (in 5 minutes) for those who are thinking of retiring soon.
Charges vary depending on the “level” of investment that you choose. There are three different levels ranging from keeping things simple (the cheapest) to a wider range of investment options, suited to more experience investors. Obviously, Level 3 comes with higher charges.
When it comes to drawdown options and costs there is a yearly charge of £158 applied to those in Level 3.
In summary, a solid and respected service that lacks the pizzazz of its more contemporary counterparts.
Provider Size: | Large firm: manages £bns on behalf of investors and financial advisers |
Minimum amounts: | £2400 minimum initial amount, unless contributing monthly £240 minimum monthly amount |
"My husband and I are in our mid-30s and are completely new to investing. We have over £100,000 split between our two cash ISAs. As we are intending on purchasing a house in the next 5 years, the majority of our savings will be used for a deposit. However, we would like to make a long term investment (minimum 10 years), so are intending on putting £10,000 each in a Stocks and Shares ISA, as well as an ongoing £500 each a month. We're happy with some risk i.e. 6-7/10. Whilst we know this might be a tad trickier, we're really keen on investing in ESG funds/companies only. As we'll have a Stocks and Shares ISA each, we're not sure how best to 'diversify' and whether that's even possible given we want to make ethical investments? Would it be better if one of us uses a robo-adviser and the other a traditional platform? For one to go for an active and the other a passive approach (although I'm not sure if there is an ethical index)? Should one go higher risk than the other? Any guidance would be appreciated, Emma"
Emma, Herefordshire
13/06/2019
Read our replyMy husband and I are in our mid-30s and are completely new to investing. We have over £100,000 split between our two cash ISAs. As we are intending on purchasing a house in the next 5 years, the majority of our savings will be used for a deposit. However, we would like to make a long term investment (minimum 10 years), so are intending on putting £10,000 each in a Stocks and Shares ISA, as well as an ongoing £500 each a month. We're happy with some risk i.e. 6-7/10. Whilst we know this might be a tad trickier, we're really keen on investing in ESG funds/companies only. As we'll have a Stocks and Shares ISA each, we're not sure how best to 'diversify' and whether that's even possible given we want to make ethical investments? Would it be better if one of us uses a robo-adviser and the other a traditional platform? For one to go for an active and the other a passive approach (although I'm not sure if there is an ethical index)? Should one go higher risk than the other? Any guidance would be appreciated, Emma
Emma, Herefordshire
13/06/2019
Although I don’t know your specific circumstances, so cannot give you advice, your proposed approach of clear differentiation between cash set side for a house purchase, and long-term investment monies strikes me as very sensible.
It is also worth noting, on the risk point you mention, that you could consider a slightly higher risk approach for the £500 per month than for any lump sums, even if those lump sums are invested on 10+ year timescale. The £500 per month will de facto get drip-fed into the markets.
As and when you get within five years of potentially wanting to access the monies. At that point, you might want to go the other way, and start steadily reducing the risk profile on both your regular investments and the capital you’ve built up.
Regarding your thought process around robo-adviser vs. traditional platform - it’s worth differentiating financial planning on the one hand, with access to underlying investment funds/portfolios on the other.
Both might be provided/mimicked by a robo-adviser proposition, but traditional platforms such as AJ Bell Youinvest and Hargreaves Lansdown (I assume that’s the sort of thing you are referring to as 'traditional') tend to only offer options around self-directed/’DIY’ investment selection, not financial planning (though that is perhaps starting to change).
Whatever you decide on these two discrete areas, it’s hard to see why you and your husband would take different approaches, but I may have missed something.
On the question of ethical/ESG investing, there are a number of options you could explore and it’s important to understand that different ‘green’ investment approaches vary widely.
Looking at ‘negative screening’ (the exclusion from a fund or portfolio of certain sectors, companies or practices based on specific ethical criteria), as one example, some funds screen out as much at 70% of their listed shares, whereas in contrast others screen out nearer to 20%. What ‘ethical investment’ means and the criteria defining it, can differ a lot between companies.
One of my clients was surprised to find a charity that is invested in an ethical fund but nevertheless holds shares in Shell!
The point being, it’s worth checking the policy of any fund/portfolio you’re considering and seeing if they match your priorities.
For some people, their version of ethical investing is focused on animal testing, others big oil, still others gender balance on the board, it varies widely from person to person. A few of the many managers with offerings in this place you might want to take a look at include Kames Capital and Standard Life Aberdeen, there is some good research online offered by sites such as www.hl.co.uk.
A passive vs. active choice is, in principle, no different to whether you want an ESG/ethical screen or not.
Assuming that by ‘active’ you mean ‘stock picking’ - i.e. a manager trying to ‘beat the market’ and/or reduce risk by favouring one share over another (regardless of any ‘automatic ESG screens’ that may or may not apply) - then, simplistically speaking, the active vs. passive choice comes down to whether you believe you can select an active manager who will add more value, than their additional cost.
As for your question about an ethical index, the two most well known and credible ethical investment indices for UK companies are the FTSE4Good and the Dow Jones Sustainability Index (DJSI).
I’m not aware of there being as many passive options in ESG investing though, compared to the wider market, so that might be a consideration.
Good luck on your journey, if you want a helpful guide on your broader financial plan, I recommend One Page Financial Plan by my pal Carl Richards – if you email us at equiries@mulberrybow.com, we’ll send you a free copy.
Best,
Simon
We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA.
This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.
We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.
"Hello Holly, I retired in December 2018. Just before that time, I attended the free Pension Wise meeting and also a Standard Life 'introduction to retirement' seminar. Both were very worthwhile and informative. My initial thoughts were to consolidate my pensions into the Standard Life Active Retirement pension for income drawdown which looked simple and straightforward, but it meant handing over management of the investments. However, after viewing the performance of the funds they invest in, I hesitated. I have since spoken to a number of financial advisers, but have received mixed feedback about what I should do at retirement. More recently I spoke to an advisers aligned to the investment philosophy of Albion Strategic Consulting headed by Tim Hale. I found them transparent, but as the investment philosophy is towards indexing funds, I have been scared off once again by the messages regarding DIY investor dealing with re-balancing, sequencing, and lack of ability to stress test without the correct professional financial software, in addition to the high costs. With fees of around 1.6% per annum plus the initial one off fee. Over a 25-30 year lifespan, the costs would be more than 50% of our initial investment value. Is this logical for what is an indexing strategy? In addition, looking at another of the fifty or so boutique advisers who also promote the Albion strategy towards total Wealth Management, and low cost indexing funds. The particular company concerned state on their website/in their brochure that 90% of independent or tied advisers are still working with a broken system. I really don't know what they mean by such a statement. This makes me more concerned about handing over the control, although I know retirement can be a complex time regarding finances. Each of these IFA's are Chartered Financial Advisers whom have studied to high standards, and whilst I respect their knowledge and capability, I cannot see how these kinds of costs can be recouped with a passive strategy over time. The industry is sending out very unbalanced messages to basic investors such as myself. I understand the basics, but am now totally unsettled as to the direction I should take and if, at such a critical stage, I should invest in an IFA on a regular basis. I have started to read Tim Hales book "Smarter Investing". I also understand Vanguard are introducing a drawdown pension in the coming months. For your information, I have approx. £600k in total pensions with Aviva and Standard Life, plus £300,000 in ISAs with Hargreaves Lansdown, in one of their multi manager portfolios which again have the higher charges attached due to their structure (I do think HL are a great company though). We also own our own property at approx. £600k. Our basic overhead costs in retirement are covered by current final salary pensions, and state pensions. I appreciate you cannot give me direct financial advise but I am finding the whole event very disconcerting, when I thought I had the basic acumen to manage the transition. Would appreciate your feedback. A great website by the way, Holly."
Rob, Hertfordshire
20/03/2019
Read our replyHello Holly, I retired in December 2018. Just before that time, I attended the free Pension Wise meeting and also a Standard Life 'introduction to retirement' seminar. Both were very worthwhile and informative. My initial thoughts were to consolidate my pensions into the Standard Life Active Retirement pension for income drawdown which looked simple and straightforward, but it meant handing over management of the investments. However, after viewing the performance of the funds they invest in, I hesitated. I have since spoken to a number of financial advisers, but have received mixed feedback about what I should do at retirement. More recently I spoke to an advisers aligned to the investment philosophy of Albion Strategic Consulting headed by Tim Hale. I found them transparent, but as the investment philosophy is towards indexing funds, I have been scared off once again by the messages regarding DIY investor dealing with re-balancing, sequencing, and lack of ability to stress test without the correct professional financial software, in addition to the high costs. With fees of around 1.6% per annum plus the initial one off fee. Over a 25-30 year lifespan, the costs would be more than 50% of our initial investment value. Is this logical for what is an indexing strategy? In addition, looking at another of the fifty or so boutique advisers who also promote the Albion strategy towards total Wealth Management, and low cost indexing funds. The particular company concerned state on their website/in their brochure that 90% of independent or tied advisers are still working with a broken system. I really don't know what they mean by such a statement. This makes me more concerned about handing over the control, although I know retirement can be a complex time regarding finances. Each of these IFA's are Chartered Financial Advisers whom have studied to high standards, and whilst I respect their knowledge and capability, I cannot see how these kinds of costs can be recouped with a passive strategy over time. The industry is sending out very unbalanced messages to basic investors such as myself. I understand the basics, but am now totally unsettled as to the direction I should take and if, at such a critical stage, I should invest in an IFA on a regular basis. I have started to read Tim Hales book "Smarter Investing". I also understand Vanguard are introducing a drawdown pension in the coming months. For your information, I have approx. £600k in total pensions with Aviva and Standard Life, plus £300,000 in ISAs with Hargreaves Lansdown, in one of their multi manager portfolios which again have the higher charges attached due to their structure (I do think HL are a great company though). We also own our own property at approx. £600k. Our basic overhead costs in retirement are covered by current final salary pensions, and state pensions. I appreciate you cannot give me direct financial advise but I am finding the whole event very disconcerting, when I thought I had the basic acumen to manage the transition. Would appreciate your feedback. A great website by the way, Holly.
Rob, Hertfordshire
20/03/2019
A few observations I’d make.
Please remember that I can't give you personal recommendations or regulated financial advice. So this is food for thought only.
You retired in December 2018 after a hideous 3 months for stock markets. So don’t be surprised if any short-term performance numbers looked ugly.
Indexing or passive investing is a low-cost way to get – by definition – average returns.
You don’t believe you can pay smart people to pick winners, or back a particular region or investment type.
It’s been a while since I read his stuff, but I think Tim Hale is smart and credible. However academics will argue till the cows come home about active versus passive. You can make arguments for both so you need to make this decision.
Managing a portfolio of assets in drawdown isn’t the easiest thing to do. You need to be clear on what your goals and targets are, and make sure you don’t run out of money and/or you don’t end up scrimping and not spending enough, ending up with more left over than you need at the end of your life.
I think you are confusing the two skill sets of financial planning and investment management. A good financial planner will help walk you through the right place for your money, how to budget and make your money last, make sure you don’t pay too much in tax, etc. etc.
A DIY platform won't help you with any of this but will give you exposure to the stock market.
In terms of the 1.6% per annum fee you mention, that does seem a bit expensive for a passive portfolio and advice so maybe question that.
You are in the fortunate position of not needing to move quickly - your final salary scheme and state pensions are paying the bills.
There’s a lot of money in different pots, and I think you would benefit from some advice to give you peace of mind that you’re not doing something daft in the structuring of your retirement.
Maybe separate the initial advice and structuring from the ongoing management of this in your head?
The first phase could be finding an adviser and agreeing a fixed fee for them to walk through the structure of things first. To talk you through some cashflow modelling? This exercise would probably cost you £2k - £3k. As a % of the money you have, this is not huge. And it will give you peace of mind.
Once you have a plan and have answered the how much/what/why questions, then I think you can turn your mind to the how and where.
At which stage you may decide to DIY and manage the agreed strategy alone. Or you may have sufficient trust with an advisory firm, to decide that you can make an informed decision about them adding sufficient value to warrant an ongoing fee?
Hope that helps, and sorry I cannot be more specific to your particular needs.
We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA.
This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.
We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.
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