Standard Life windfall news

bootman

Only 194 here :rolleyes:

I took out a pension for my son in 1997, I pay £20 a month into a stakeholder!

I had hoped for a bit more

bootman

larry_lurex wrote:

it would seem that i'm the only one who doesn't get anything. my policy is headed 'group personal pension one'.

still haven't figured out why ...

Something to do with it not being a profit fund.

My husbands company changed to this GPP still with Standard Life a few years back, from a regular plan.

If they had left it as it was we would have a good payout, as it stands these plans do not qualify.

The only good thing with a GPP is that when you leave the company it does not have to be another frozen pension to add to your collection, you can keep it going as a personal pension.

EdInvestor

tripnip wrote:

It's lucky that pet insurance is a relatively recent innovation or the Standard Life board would probably be about to award a majority stake in the company to a tortoise that invested a farthing in 1825.

Nah, the tortoise would miss out. Standard only went mutual in the 1920s, it was a plc before that.

EdInvestor

bootman wrote:

Something to do with it not being a profit fund.

This means your husband's money is not invested in the with-profits fund.Under a GPP there is a choice of many different funds to invest in, including WP.

My husbands company changed to this GPP still with Standard Life a few years back, from a regular plan.If they had left it as it was we would have a good payout, as it stands these plans do not qualify.

That's unlikely - if the "regular plan" was an occupational scheme, the trustee of the scheme would receive the windfall, not the individual member.And the money might not have been invested in WP under that scheme either.

The only good thing with a GPP is that when you leave the company it does not have to be another frozen pension to add to your collection, you can keep it going as a personal pension.

That's right. Amd it's very likely that if your husband's money was moved out of WP a few years ago, that he is much better off than if he'd stayed, even after collecting the windfall, as most WP investors have seen the value of their pensions plummet over the last few years.

Looks like hubby's company's pension people were on the ball and did the right thing, nice to see it for once.

Extractthecash

I had a GPP, only invested 5% in with-profits - Even with the windfall shares, think you can be happy that many other funds have done better for your money. The only real winners are the people who did a one-off stakeholder of £20.

I am now considering doing this with some of the other few remaining mutuals...

I already have a MGM Assurance pension, but does anyone have a good list of mutuals which a new customer can put a one off stakeholder of £20 in?

cheggers

Extractthecash wrote:

I had a GPP, only invested 5% in with-profits - Even with the windfall shares, think you can be happy that many other funds have done better for your money. The only real winners are the people who did a one-off stakeholder of £20.

I am now considering doing this with some of the other few remaining mutuals...

I already have a MGM Assurance pension, but does anyone have a good list of mutuals which a new customer can put a one off stakeholder of £20 in?

As far as I know the following are still arround:

Liverpool Victoria - £15 a month friendly savings plan
Royal London - closed to new business
Royal Liver - Not sure
Pension Annunity Friendly Society
Reliance Mutual
MGM Assurance
Foresters Life
Cooperative Insurance Society
NFU Mutual
Wesleyan

I don't think many of the above will let you open a stakeholder pension with £20 to qualify to be a member.

tripnip

EdInvestor wrote:

Nah, the tortoise would miss out. Standard only went mutual in the 1920s, it was a plc before that.

I know, but I thought they would have mutualised the tortoise's policy like Britannia did with Bristol and West.

Did they have plcs in the 1920s?
- no, introduced by the Companies Act 1980.

rubber_soul_2

With reference to the above posts about joining other remaining mutuals by opening small stakeholder pensions, is it possible to have more than one stakeholder pension? I already have one with another provider, and thought there were maybe restrictions on how many you could hold, but am probably way out of date!

Chadsman

rubber_soul wrote:

is it possible to have more than one stakeholder pension?

Yes.
Almost everyone can contribute up to £3600 (thinx???) in total per tax year into one or more stakeholders.
:beer:

noahveil

cheggers wrote:

As far as I know the following are still arround:



I don't think many of the above will let you open a stakeholder pension with £20 to qualify to be a member.

When I opened SHP’s with those mutuals who were doing them about 5 years ago there were (apart from Standard Life ) ;



Royal Liver

Teachers

NFU

Wesleyan



Although there was some doubt as to whether the last two actually made you a WP member. Also, things may have changed since then.

rubber_soul wrote:

With reference to the above posts about joining other remaining mutuals by opening small stakeholder pensions, is it possible to have more than one stakeholder pension? I already have one with another provider, and thought there were maybe restrictions on how many you could hold, but am probably way out of date!

No restrictions on the number as long as you qualify to open a SHP in the first place and don’t go over the monetary limit – although not much chance of that if you’re just taking out the minimum for bagging purposes