Poor returns and forced down an expensive route I don't want.
1
I stopped putting pension money into SL when I came to appreciate they set up individual polices for each and every contribution - 30 years gives you 30 separate plans that attract 'management fees'. As I approach retirement, the money I did put in has not grown much. Only one fifth of the growth I achieved through other schemes.
Now I want to withdraw some money, I'm told the entire pension scheme will be folded - I thought you could withdraw 25% tax free and leave the rest in the Pension Plan - not so with Standard Life. They insist you buy into one of their other schemes. I just looked at the costs - Threadneedle charge 0.75% management fee - Standard Life Threadneedle attracts 2.25% management fees.......they cash in on you - worst investment I ever made.
Reviewed on: 25th July 2018
