Standard Life : Pensions freedom becomes a reality

Standard Life comments on progress towards "Freedom and Choice in Pensions"

Commenting on today's announcement on pension reform by HM Treasury, Jamie Jenkins, Head of Workplace Strategy for Standard Life, said: "This is great news for savers. Today's announcement sets out a clear and positive commitment to making greater flexibility in pensions a reality. We recognise the challenges the government has faced in giving people greater choice when they retire, while putting the right framework in place to ensure they are supported, and that tax revenues are protected.

"Although some restrictions will apply, overall we believe these are practical measures which will help people plan for the future. It had been mooted that changes may be made to the ability to take tax free cash. The government has today committed to maintaining tax free cash and as a trade-off, introduced a £10,000 annual pension contribution limit for anyone of retirement age who uses the new flexibility.

"For most people this restriction to the annual contribution allowance is a much better outcome. The £10,000 annual contribution limit is significantly higher than most people who are automatically enrolled will pay. Few people will be impacted."

"We support the announcement today and look forward to implementing the changes for April 2015. People now have a clearer picture of how they will control their retirement savings and how they can harness this new freedom and choice to meet their long-term financial needs. It means pensions are set to become an even more attractive choice for savers. As one of the leaders in the defined contribution and drawdown markets, we will continue to work with advisers and our customers to help them understand and make the most of these changes."

Media enquiries

For further information, photos or interviews, contact:

Nicki Lundy, Senior Media Affairs Manager Tel: 0131 245 2737 nicki_lundy@standardlife.com

Amy Cayzer, PR Manager Tel : 0131 245 5307 amy_cayzer@standardlife.com

• Standard Life is a leading provider of long-term savings and investments. Established in 1825 and headquartered in Edinburgh, the company has around 8,500 employees internationally.
• The Standard Life group includes savings and investments businesses, which operate across the UK, Canada, Europe, Asia and the Middle East; workplace pensions and benefits businesses in the UK and Canada; Standard Life Investments, a global investment manager, which manages over £191 billion globally; and its Chinese and Indian Joint Venture businesses.
• In the UK, Standard Life offers a range of individual and group pensions, SIPPs, ISAs, annuities, life assurance, offshore bonds, investment management, wealth management, tax and estate planning services. By understanding its customers and offering innovative products, Standard Life helps people with their financial planning, so they can feel more confident about the future.
• People can visit lifeoutlined.co.uk and read Standard Life?s moneyplusblog for more information and tips on saving for the future.
• At the end of March 2014 the Group had total assets under administration of over £247 billion, directly looking after around 6 million customers worldwide and supporting a further 16 million customers through its Joint Ventures.
• Standard Life plc is listed on the London Stock Exchange and has approximately 1.3 million individual shareholders in over 50 countries around the world. Standard Life plc is also listed in both the DJSI World and DJSI Europe. These indices list the top 10% and 20% respectively of sustainable companies by industry from a survey of 1,831 companies in total.
• You can follow Standard Life press office @standardlifeplc on www.twitter.com/standardlifeplc