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Standard Life Cash Option
Comments
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Thanks all, I went hunting and found the management charges and a much better leaflet for the information.0
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The last time SL tried to pinch business from me by saying they could cut out the middle man, they ended up offering the client worse terms than I could get. They can factor their costs into the product to make it more expensive than the whole of market version. Using an intermediary provider for DIY is often a bad idea. Better to use a provider that focuses on the DIY market.So if SL have an option without an IFA why would it cost ?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
SL personal pension one is a old fashioned contract. It is expensive by modern standards (not dreadfully as it tends to match stakeholder when using internal funds but things have got cheaper since then). It does not offer drawdown so it will need to be transferred into a plan that does.Standard Life have a drawdown pension available without an IFA but it's likely to be more expensive than HL so a transfer to them would be a better move. Some tracker options to cover late at HL given here.
Bolded bits appear to contradict each other, or have I missed something?0 -
There are several different products. Dunstonh was referring to one and I was referring to another that the first can be transferred to.0
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As James says, pension providers have various product versions over the years. Even today, SL have 3 or 4 versions for new business. One of which does not support drawdown.
Most of their legacy contracts do not support drawdown but some of their newer ones do.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The last time SL tried to pinch business from me by saying they could cut out the middle man, they ended up offering the client lesser terms than I could get. They can factor their costs into the product to make it more expensive than the whole of market version. Using an intermediary provider for DIY is often a bad idea. Better to use a provider that focuses on the DIY market.
I would agree; decide if you want/need advice first and then if you decide that you do not require advice, transfer to an appropriate DIY platform.0
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