The Power of Your Standard Life Pension
If you're a Standard Life employee, you have access to one of the most generous pension schemes in the industry. But are you making the most of it?
Key Point
Understanding Your Contributions
The Basics
Here's how the Standard Life pension matching works:
| Your Contribution | Standard Life Match | Total Going In |
|---|---|---|
| 5% | 5% | 10% |
| 6% | 6% | 12% |
| 7% | 7% | 14% |
| 8% | 8% | 16% |
| 9% | 9% | 18% |
| 10% | 10% | 20% |
The Free Money You Might Be Missing
If you're only contributing the minimum 5%, you're leaving free money on the table. Here's what that looks like over a 20-year career:
Did you know?
- 5% + 5% = approximately £150,000
- 8% + 8% = approximately £240,000
- 10% + 10% = approximately £300,000
Tax Relief: Double the Benefit
When you contribute to your pension through salary sacrifice:
- •
You pay less income tax - Contributions come from pre-tax salary
- •
You pay less National Insurance - Salary sacrifice reduces NI too (saving you an extra 8-13%)
- •
Standard Life saves too - Which is why they can afford such generous matching
Tip
Practical Steps
1. Check Your Current Contribution Level
Log into the Standard Life pensions portal or check your payslip. Many employees are surprised to find they're not contributing as much as they thought.
2. Calculate What You Can Afford
Use our pension contribution calculator in the app to see the real impact on your take-home pay. The net cost is often much less than you'd expect.
3. Increase Gradually
Can't afford 10% right now? That's fine. Even increasing by 1% per year makes a significant long-term difference.
Important
4. Review Annually
As your salary increases, consider directing some of that increase to your pension. You won't miss money you never had in your bank account.
The Altor Advantage
As a Standard Life employee, you can book a free pension review with an Altor adviser. We'll look at:
- •Your current contribution level vs optimal level
- •Whether you're on track for your retirement goals
- •The best strategy for your specific situation
- •How pension contributions interact with your other financial goals
Key Point
Book your pension review today through the app.
