Your resource hub for the Standard Life Staff Pension Scheme

If you have elected to aggregate your DB benefits and DC savings to calculate the maximum cash, and you have cash in excess of the tax-free amount remaining, your options are to take the excess as an UFPLS or use it to buy an annuity.

If you take your tax-free amount from your DC savings and your DB benefits separately, then your options in relation to your excess DC cash are to take it as an UFPLS, use it to purchase an annuity or transfer it another arrangement that allows you to “drawdown” on your DC savings.

Depending on when you joined the Scheme, you may have a right to take early retirement from the Scheme at age 50, instead of the normal minimum age of 55. Members with a protected early retirement age of 50 can take their retirement benefits from age 50 from the Scheme. Members without a protected early retirement age can take their retirement benefits from age 55 from the Scheme, which is the current normal minimum pension age for HMRC purposes.

If you have a protected early retirement age, this will usually be lost if you transfer your benefits out of the Scheme. However, if you and at least one other member of the Scheme transfer your benefits to the same receiving scheme at the same time, and certain requirements imposed by HMRC are met, HMRC has confirmed to the Scheme that the protected early retirement age will not be lost as a result of the transfer.

This would mean it may be possible for you to take your retirement benefits from age 50 in the receiving scheme, provided the rules of the receiving scheme allow that to happen.

This is known as a ‘buddy transfer’. The other transferring member does not need to have a protected early retirement age. Please ensure that you ask your IFA and the receiving scheme to confirm that you will be able to take your retirement benefits from age 50.

If you intend to transact on a “buddy transfer basis” you and the other member must each complete the Scheme’s block transfer agreement, which is enclosed with your transfer pack, and return this with your ‘application to process with transfer of benefits’ form.

If you have agreed with more than one other member of the Scheme that you will transfer your benefits to the same receiving scheme at the same time, please contact Mercer to request a block transfer agreement suitable for use where there are more than two members involved.

You can log on the Mercer Oneview site and get an indicative transfer value figure at any time. The Oneview site also has details of the current value of your DC pot. This is just an illustrative figure and is not a formal CETV quote. There are no restrictions on how often you can access Oneview for an indicative transfer value figure.

If you want a statutory formal guaranteed CETV quote then you need to contact Mercer on 0330 100 3491 or by e-mail at: standardlifepensions@mercer.com to request this. Your adviser will need the formal guaranteed CETV quote before they can give you advice.

Please note that, in line with statutory requirements, you are only entitled to one guaranteed CETV quote in any 12-month period.

The statutory requirement on the Scheme is to permit one guaranteed CETV in any 12-month period. The Scheme’s policy adopts this approach. The two main reasons for doing so are risk for the remaining members and administrative demands.

The Trustees have to balance the interests of all 16,000 members of the Scheme. Offering a guaranteed CETV means that the departing member is immune from movements in financial markets and that risk is passed to the Scheme (for the duration of the guarantee). This could affect the security available to protect the benefits of those who remain.

In addition, processing transfers is complex and there is a risk of delays in the processing of important transactions for other members such as deaths, retirements and pension increases. The Trustees have therefore decided that the policy gives transferring members their statutory right to leave the scheme but in a way which protects the interests of other members.

The Trustees do have discretion in individual cases to permit members to have more than one guaranteed CETV in a 12-month period. They will normally only do so in cases where the member’s circumstances have changed in an unforeseen way, for example if they are made redundant by Standard Life.

No, you can transfer your DB and DC benefits separately, if you want to.

Indeed, the Trustees have decided to make the process even more flexible – so you can now choose a ‘partial transfer’, and move your DB and/or DC benefits in stages, if you want to.

You can check the value of your DC section investments online.

You can change your DC section investments online.

Scheme Pays is a process which allows you to pay your annual allowance tax charge, if applicable, from a pension scheme. Instead of you paying the charge directly, the SLSPS pays the annual allowance tax charge to HMRC on your behalf and the corresponding value is deducted from your pension benefits. If you are an active member, Mercer will provide you with a Pension Input Statement each year and a link to HMRC’s Annual Allowance calculator. You are eligible to use Scheme Pays if the charge is at least £2,000 and you have at least the value of the charge in benefits held in the SLSPS at the time of payment. 

To use the Scheme Pays facility, or for more information, please contact Mercer at standardlifepensions@mercer.com or by calling 0345 600 0229

Unbiased is the UKs largest selection of financial advisers. All advisers listed on this site are qualifies and regulated by the FCA.

Website: www.unbiased.co.uk

The Money Advice Service is an independent service set up by the Government to provide a range of information about consumer finances, including obtaining independent financial advice.

The Money Advice Service also has a directory of financial advisers that specialise in providing advice about retirement. You can use this directory to search for advisers who are pension transfer specialists. You can also search by postcode.

Website: www.moneyadviceservice.org.uk

Phone: 0300 500 5000 (call rates may vary)

The Pensions Advisory Service (TPAS) is an independent, non-profit organisation that provides free information and guidance across the whole range of pensions, including State, occupational and personal.

Phone: 0300 123 1047

Email: enquiries@pensionsadvisoryservice.org.uk

Website: www.pensionsadvisoryservice.org.uk

The Government’s Pension Wise service has online guidance about the flexible benefit options available at retirement. People aged over 50 with DC pension savings may also make an appointment to speak to a guidance adviser free of charge. The guidance is general, will not recommend specific options, and should not be regarded as a substitute for financial advice.

Website: www.pensionwise.gov.uk

To make an appointment with an adviser, call 0300 330 1001

The Pensions & Life Savings Association has launched a set of Retirement Living Standards, to help people picture and achieve the level of income and standard of living they want when they retire, and the associated cost. These Retirement Living Standards can be found at https://www.retirementlivingstandards.org.uk/.