Where this fits
On a with-profits plan, the date you take the money decides whether the guarantee pays.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
Standard Life pensions are provided by Phoenix Life Limited, part of Standard Life plc. Existing customers can start drawdown online with no set-up charge. Older with-profits plans can carry a guaranteed amount at your agreed retirement date, which a transfer or surrender loses.
Phoenix Life Limited, trading as Standard Life, on the FCA register under number 110418. Standard Life is part of Standard Life plc. It also runs the Standard Life DC Master Trust, authorised by The Pensions Regulator.
Standard Life does not publish one workplace default charge. If you move other pensions into your Standard Life workplace pension, any discount on your charges applies to them too.
It makes no charge to set up drawdown, or for withdrawals, buying, selling or switching funds.
Standard Life says most with-profits investments are designed to pay at least a guaranteed amount on the retirement date you agreed, and that its current practice pays at least that amount whenever benefits are taken.
Transfer or surrender the plan and the guarantee is lost. Smoothing of returns may be reduced or switched off depending on market conditions.
Standard Life's site describes the with-profits guarantee lost on transfer and says to take advice. Ask for any exit charge in writing before you instruct a transfer.
Checked on 2 October 2026 against standardlife.co.uk, the FCA register and The Pensions Regulator's list of master trusts. Phone numbers, charges and options change, so check the provider's own site before you act.
A with-profits guarantee pays out on the date you agreed. Leave before it and the guarantee stays behind.
They are provided by Phoenix Life Limited, trading as Standard Life, part of Standard Life plc.
Standard Life says you will, if you transfer or surrender the plan.
It makes no charge to set it up or for withdrawals. The plan and fund charges still apply.
On a with-profits plan, the date you take the money decides whether the guarantee pays.
Independent Financial Adviser
Independent Financial Adviser
A first conversation of about twenty minutes, at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.