Standard Life reveals pension changes
Tuesday, January 31, 2006
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The group has said it will retain its current range of group pension products – including the small self-administered scheme, the retirement account plan and the group additional voluntary contribution scheme – but that its individual plans will be changed.
The executive personal pension (EPP) will be the main casualty, with the group suggesting its role following the A-Day reforms will be limited.
"We believe that our SIPP (self invested personal pension) and group SIPP will be ideal for individuals and employers who want to take advantage of the opportunities that will exist in the new pensions environment," said Abigail Morrison, marketing manager (pensions), at Standard Life.
"The introduction of a single pensions tax regime, along with the removal of benefit and contribution limits means that some types of contract will be of very limited appeal in the future."
This will leave the Standard Life individual pension offerings as SIPP, personal pension (flex) and individual stakeholder as of April 6th.
Need to know more about pensions? Click here:
http://www.europinions-finance.co.uk/pensions/pensions/
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