One of the UK's oldest insurers, now part of Standard Life plc (formerly Phoenix Group)
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Standard Life has been writing UK pensions since 1825 and is now a brand of Standard Life plc, the life arm of what was Phoenix Group. The current consumer personal pension (branded Active Money) charges 0.55% on the ready-made option, has no platform or transfer-in fees, and can be opened from £1 in the app.
Most people with Standard Life today got there through an employer scheme that may have been sold by an older Standard Life entity years ago. The experience of those legacy policies is uneven and tends to drive the negative reviews, while the modern personal pension and Wrap SIPP get a cleaner reception.
Best for: Long-standing workplace savers, and self-directed investors who want a SIPP under a recognisable brand.
| Annual charge | Ready-made option 0.55% total (0.45% service charge + 0.10% fund charge); choose-your-own funds vary |
|---|---|
| Workplace scheme charge | Set by your employer's scheme, capped at 0.75% for auto-enrolment defaults |
| Fund charges | Fund charges vary by option; over 50 investment choices on the personal pension |
| Contribution charge | None |
| Transfers in | Free |
| Drawdown | Included from age 55 (57 from 6 April 2028), no drawdown fees |
Verified July 2026 against Standard Life's published information. Workplace scheme terms vary, so check your own scheme documents.
Standard Life scores 3 out of 5 on Trustpilot (Average) from over 1,700 reviews, 43% 1 star.
Reviewers often mention the long brand heritage and the clarity of the app, and the personal pension page leads on 'no hidden charges' (no exit, transfer-in, switching or withdrawal fees).
Common gripes are legacy policy admin, slower responses on older workplace schemes, and the fact the modern personal pension is one product line among many older books.
Standard Life's annual charge is ready-made option 0.55% total (0.45% service charge + 0.10% fund charge); choose-your-own funds vary. Fund charges are fund charges vary by option; over 50 investment choices on the personal pension. There is no charge on contributions. Charges verified July 2026 against Standard Life's published information.
Standard Life charges ready-made option 0.55% total (0.45% service charge + 0.10% fund charge); choose-your-own funds vary. For context, the charge cap on an auto-enrolment workplace default fund is 0.75% a year. In a workplace scheme the charge is set by your employer's scheme, capped at 0.75% for auto-enrolment defaults. Personal pension Total Charge on the ready-made option is 0.55% (0.45% service + 0.10% fund); individual self-select funds carry their own fund charges, so the overall cost depends on what you hold.
Transfers in are free. Drawdown is included from age 55 (57 from 6 April 2028), no drawdown fees. UK providers cannot charge an early exit fee if you are 55 or over on a personal pension, and exit charges on other contracts are capped at 1%.
Standard Life scores 3 out of 5 on Trustpilot (Average) from over 1,700 reviews, 43% 1 star. Reviewers often mention the long brand heritage and the clarity of the app, and the personal pension page leads on 'no hidden charges' (no exit, transfer-in, switching or withdrawal fees). Common gripes are legacy policy admin, slower responses on older workplace schemes, and the fact the modern personal pension is one product line among many older books. It suits long-standing workplace savers, and self-directed investors who want a SIPP under a recognisable brand.
Your annual statement shows the charge as a percentage and, since 2018, providers must also show it in pounds and pence. Standard Life plc (formerly Phoenix Group) acquired the Standard Life brand from abrdn in 2021; products are issued by Phoenix Life Limited, trading as Standard Life. If your pension came through an employer, the scheme booklet will state the charge your employer negotiated, which is often lower than the standard rate.
Considering a SIPP instead? Compare costs on our UK broker comparison, or read the SIPP guide.
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Pension transfers can be irreversible. This page is information, not financial advice.