Switch pension but with same provider (Standard Life)

fruitbat_2

Hi all,

So on doing some digging for alternatives to my SL stakeholder I have found a couple of Standard Life AMPP options with lower fees and similar or better performance.

On contacting standard life about this by email, after a week I received a complete non-reply about speaking to a financial advisor about switching pensions. I'm pretty sure I shouldn't have to do this to stay with the same provider?
I was just wondering if anyone has done this ie same 'brand' but different pension plan, and whether it was any easier than switching to a different provider altogether. In my mind it should be slightly easier but based on this first reponse from SL I'm not so sure!

Thanks in advance

dunstonh

So on doing some digging for alternatives to my SL stakeholder I have found a couple of Standard Life AMPP options with lower fees and similar or better performance.

The SL stakeholder was 1% p.a. but available cheaper on different distribution channels.   It had a limited range of internal insured funds (so 100% FSCS protection with no upper limit). A simple contract basically.    The AMPP is more advanced but is not the most advanced (or cheapest) SL pension available.

I was just wondering if anyone has done this ie same 'brand' but different pension plan, and whether it was any easier than switching to a different provider altogether.

SL retail most of their products through IFAs and FAs (they own a national FA firm).   If the product version you are looking at is the one available through intermediaries then that is the method you would need to use.   Although there wont be many intermediaries using AMPP nowadays as its old fashioned and cheaper options exist.   SL do have a version they retail direct to the public.

Basically, there are products that are retailed direct to consumer and there are products that are only available via an intermediary.  If you want to DIY then you need to use the former.

Albermarle

Even with pensions available directly to the public , there are always statements saying you should discuss with a financial advisor if you are not fully sure you understand every aspect etc They are just covering themselves .
Suggest you call SL as it is probably just a misunderstanding of some kind.
AMPP is a typical traditional personal pension . Most of the 300 or so funds are costing 1% or more and there is a discount of 0.3% if you have over £50K I think. SL website/online service/customer service is pretty good but there are cheaper options available .

fruitbat_2

The AMPP is more advanced but is not the most advanced (or cheapest) SL pension available.

Thanks for posting. Would you be able to suggest a cheaper one please? I’m aiming for simple rather than advanced as I live overseas and don’t put much in it. I’ve also looked at PensionBee as another possible option. 

Albermarle

It depends if your pension is big enough get at least the 0.3% discount with SL ( £50K) If it is then the charges will be very similar to Pension Bee .
The comment about cheaper SL pensions is from an IFA and they have access to different SL pensions, so probably not that relevant for you .

AnotherJoe

Albermarle said:

Even with pensions available directly to the public , there are always statements saying you should discuss with a financial advisor if you are not fully sure you understand every aspect etc They are just covering themselves .
Suggest you call SL as it is probably just a misunderstanding of some kind.
AMPP is a typical traditional personal pension . Most of the 300 or so funds are costing 1% or more and there is a discount of 0.3% if you have over £50K I think. SL website/online service/customer service is pretty good but there are cheaper options available .

This.

And re your first q OP, yes, I switched from a SL employee pension to a SL AMPP (the cheaper one with about 320 funds) and it was fairly painless, just involved some time on the phone answering the annoying nanny state CYA questions. This was necessary as I was taking out some of by TFLS.  Friend of mine did the same last week,  and said it took an hour !

The 320 funds were ample for me and most people I think (in fact probably 10x too many for most) I've only got two funds now.