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Standard Life: Pensions reviews

Name: Pensions
Rating: 2.35 (60 reviews)

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2.55

Based on 60 reviews, last reviewed 26th Feb 2025

No new 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

20%

12%

10%

53%

Latest highest rating:

5

The investment in my pension and advice The investment in my pension has increased significantly, year by year. They provide very informative webinars on pensions and I found this very helpf... Read more Reviewed on: 26th February 2025

Latest lowest rating:

2

What on earth has happened to Standard Life Chris Canham Write a review Reviews 3.6 949 total 5-star 43% 4-star 5% 3-star 3% 2-star 5% 1-star 44% Sort: Chris Canham 61 reviews R... Read more Reviewed on: 25th October 2024

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About this product

Standard Life pension reviews written by Smart Money People like you. For many of us, our pension is an important part of our financial future. Finding a pension provider that you can trust and rely on is a must for many people. Take a look at our Standard Life pension reviews to find out what life at Standard Life is really like. If you hold this pension, we'd love you to write an honest review here too!

Standard Life Pensions reviews (60)

Review of the Standard Life, Pensions:

Poor service re tax free lump sum

On 14th April 2016 I rang Standard Life’s office to request to take 25% of my pension fund as a tax free lump sum. I was disappointed to learn that before I could do this, I had to discuss my request with one of their advisers and this appointment could not be arranged for up to 2 weeks. In the event, an appointment was made for a telephone consultation on Friday 22nd April. During the course of the consultation that lasted around 1 hour, I was advised that the value of the 25% tax free lump transaction would be £149,889.52 but it might take 8 - 10 days to get the funds because Standard Life might need to verify my bank details. At this point, I believed that the transaction had been effected and the figure quoted was the amount I could expect to receive. I was thus disappointed to receive an e mail on 29th April from a Drawdown Administrator at Standard Life asking me to confirm the amount of the tax free lump I wished to take. During a further exchange of e mails, it became clear that there had been no progress made by Standard Life to process my request and further, that contrary to the impression given at the time of my telephone conversation, the figure quoted was not the amount I could expect to receive. When the adviser mentioned the 8 – 10 days, she intended to state that this was the normal time that Standard Life takes to effect the sale of units from their fund to provide sufficient cash to pay the tax free lump sum. By this time the value of units in the fund had dropped significantly and the amount I could expect as a tax free sum had fallen by over £2,000. At this point I immediately asked Standard Life not to sell any of my fund until such time as I had chance to consider my option. I felt very strongly that it was poor practice for Standard Life to take 8 - 10 days to process a simple sale of units in my pension fund and wrote to them to complain about the lengthy period during which they expected me to absorb the risk that the market could move adversely. At this point Standard Life did advise me that another option was available to transfer some of my funds into a cash fund. This process only took 1 – 2 days (not 8 – 10) and thus was a significant reduction in the risk of market movement but it is not an option that Standard Life make their customers aware of. Notwithstanding the poor quality of advice I received from Standard Life, when I complained, their Customer Complaints Department concluded that I had been made aware that the value of the investments could fall. I contend that I believed that this statement only referred to the 75% of my fund that I was not taking as a tax free lump sum. As I was unhappy with Standard Life’s conclusion, I complained to the Financial Ombudsman Service (“FOS”) on 16th May. The FOS initially agreed that the Standard Life advice was misleading and stated that “I’ve listened to the recording of the call where you made the request to take the tax free cash amount. The adviser tells you what the amount would be based on its value on that day. And she confirms your understanding that the value of your remaining investment can go up as well as down on a daily basis. But I don’t think the payment process was made clear enough to you. It’s confirmed towards the end of the call that you wanted to withdraw the tax free cash amount, which the adviser explained “is the £149,986.” She didn’t mention on that occasion that this figure was based on that day’s value. She went on to say: “In terms of the payment, it will normally take eight to ten working days for the money to be in your bank account.” I think this gives the impression that the payment had been put in motion. It wasn’t explained that it can actually take eight to ten working days before the money is even sent. So you won’t have been aware that during this period, the tax free cash amount would still be invested and exposed to market risk. You were told that Standard Life might require additional documentation to verify your bank account details. But then later in the call you were told you’d passed the verification check and nothing more was needed from you at that time. I think it was reasonable for you to come away from this part of the call with the impression you were going to receive £149,986 into your account within eight to ten working days. I don’t think that at any point during the call it’s specifically explained to you that you weren’t guaranteed the value of that day. Or that the amount you’d eventually receive might be lower or higher due to fluctuations in the market as it would stay invested until the verification checks were completed.” In spite of the fairly damning conclusions about the quality of the Standard Life service reached by the FOS in red above, they went on to state that “But this doesn’t mean I think you should receive the amount as it was valued on the day of his request. That’s because it’s the role of our service to put you back in the position you would’ve been in if no mistake had been made. And in my opinion, if you’d been given a better explanation of the payment process, you’d be in a similar position to the one you’re in now.” I subsequently went back to the FOS to explain that Standard Life can offer a service that limits the length of market risk exposure to 1 – 2 days but chose not to me make me aware of this but still the FOS remain adamant that I suffered no loss as a result of the poor advice. A subsequent review by a second person at the FOS reached a similar conclusion albeit for different reasons. I still feel that the service I received from Standard Life was very poor and I suspect that very few of their customers are aware of the market risk that they are expected to accept because Standard Life cannot process simple transactions within reasonable timescales. Reviewed on: 9th January 2017

New-era, Pension-provision entrepreneurs!

Great investment hub, support mechanism second-to-none, amazing App for tracking fund, providing advice and DIY pension provision for new generations of investors! Invest with the Best..! Reviewed on: 13th July 2023

Poor customer service

I am 64 yrs old & am fully entitled by UK law, to claim my pension pot in full , but Standard life are dragging out payment, using the most flimsiest of excuses. On 3 separate occasions , I have sent them signed & stamped documents from my building society , but they keep putting me back to square one , thus dragging the process out. They initially claimed that my claim would take 20 working days, it now stands at 41 & today they have added another 20 working days, with no light at the end of the tunnel - hence this post. I have just emailed their complaints dept. reminding them that - I am entitled by UK law, to claim my pension pot in full, & asking them to reply within 14 days of the email date, to inform me if their claims dept. Would comply with my request . Reviewed on: 30th June 2023

Standard life pension criminals

Do not go to standard life pension quick enough taking your transfer . Will not pay you out . Full of crap I wrote to Andy Curran CEO he is a charlatan liers crupt f….King liers. Issued court papers to standard life pensions . Reviewed on: 29th June 2023

Poor perfoming compared to competition

Why are the majority of your funds performing badly, whether its risk 3 or 7 it isnt making any profit in a high inflation environment and charging us for the pleasure. Prevoius excuses of Covid/Ukraine/Brexit/COLC dont wash as other providers are managing to make a profit. If it wasnt a company pension where I have no choice on the provider I would have left last year. Reviewed on: 22nd June 2023

Horrendous Pension provider

Horrendous Pension provider. Please make yourself a favor and keep away from them. Reviewed on: 10th May 2023

Not truthful

Hidden transaction fees even although I was told that they do not charge Reviewed on: 16th March 2023

So far so good

Have been with Standard Life for 6 years now. I find their portal good and their customer service good . I must say that thus far I've I have only been paying in not performing any form of drawdown where it seems a lot of folk have complaint. So far all my detailed questions have been answered in full. Reviewed on: 5th March 2023

garbage company

Burn your money it would be better than having them handle it PERIOD Reviewed on: 21st February 2023

Beware this company

I have had a company pension plan with Standard Life for a number of years. After retiring I attempted to withdraw some of my pension pot but the experience in trying to do this has been excruciatingly painful claiming that the account number and sort code details of a major UK bank that I have been with for many years could not be verified. During a two hour conversation of my request to withdraw funds Standard Life tried to dissuade me from going down this route, trying to confuse me and instil uncertainty. I would give this company a wide berth because as easy as it is to pay money in it is doubly difficult to draw money out. Reviewed on: 4th February 2023

due to retire next year

I thank god most of my pension is in a final salary scheme. I have been forced to allow standard life to manage my pension since my company closed its final salary scheme. in 4 years the only money currently in the pot is what my employer & I have put in. Standard life have achieved nothing in that time other then take their commission. Lets be frank, they don't have to try too hard since final salary schemes closed all over the UK. most employers are legally obliged to offer a pension so between standard life and the other big pension suppliers, its money for old rope. They don't really have to try too hard as they have a captured market. I feel sorry for anyone starting a pension in 2022 knowing they are going to rely on the likes of standard life to invest it over 40 years. They will be lucky if they get what they put in over that time back. Reviewed on: 20th December 2022

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