Standard Life are to close their executive pension plan range after Pension Simplification A-day on the 6th April 2006 (the date for new laws on pensions).
The decision follows a review of its pension range due to the changes brought about by pension simplification. The provider is to keep its self-invested personal pension, group self invested personal pension, stakeholder and personal pension plans.
Standard Life believes that members of executive plans were likely to opt for a SIPP or group SIPP.
Our view
This would seem a logical move by Standard Life if it is reducing costs and administrative burdens i.e. SIMPLIFYING pensions.
Learn more about Pension Simplification and why you should review your pensions now.