Standard Life Company Pension, but changing jobs.

NickC_4

Hi all,

I've been lurking on this chat forum for a while and have found all sorts of interesting and useful stuff, but I have a particular question I need to ask. :question: (actually it has turned out to be several questions) :question: :question: :question: :question:

I have a Group Personal Pension with Standard Life through my current employer. I understand that Standard Life is demutualising soon (next year?) and I stand to benefit from this. Over the last 2 1/2 years I guess £5k will have been put in, but what it is actually worth at the moment I don't know - I don't have the paperwork to hand.

My questions are - what happens if I change jobs? Can / should I keep the pension? Will I still be eligible for the demutualisation windfall or is there anything I need to do to make sure I am? Any idea what the benefit might be? Is it even worth the hassle of worrying about?

Thanks in advance for any help given.

Nick. :cool:

ReportInvestor

I would keep the pension for the windfall if you possibly can. You are right that you should be eligible.

Group personal pensions in with profits, but not not company money purchase pension schemes, should be eligible for windfalls

The timetable for DM is not fixed in stone - the company has to win over the City and get it through the Court of Session. You will therefore need to count on keeping the pension beyond the demutualisation vote which is currently planned for April 2006.

Obviously your company will know the score on whether you can stay on in the group scheme - but I appreciate that you might not want them to know your plans!

EdInvestor

Hi Nick

My questions are - what happens if I change jobs? Can / should I keep the pension?

#Yes IMHO

Will I still be eligible for the demutualisation windfall

#As long as the pension is definitely part of a GPP ( not a money purchase occupational pension) and the money is invested in the With profits fund, you should be. I assume you are definitely a member - did you receive AGM voting papers a few months ago?

or is there anything I need to do to make sure I am?

#No, but you could check this out on the phone with StdLife and also find out how much the pension is worth.

Any idea what the benefit might be? Is it even worth the hassle of worrying about

#The DM bonus ( which should be in the form of free shares) comes in two bits - a flat rate windfall typically in the past 500 quid per member plus a variable percentage based windfall based on the value of your WP investment and how long you've been a member.Between 10 and 20% might be a reasonable range for that part, but it is way too early to know really.

The flat rate part of the bonus does benefit people with small funds.:)

NickC_4

Thanks for that.

It sounds like it should be fairly simple to hang on to the pension to get the DM payment (that'll make a change ).

If (or when) I move, I'll check out what my company and SL say.

I did the AGM voting papers, so I guess that confirms that I am a member.

Thanks,

Nick.