Upgrade to a GSIPP
You may be able to move to a different type of pension - a Group Self Invested Personal Pension (GSIPP).
This could give you even more choice about how you invest your pension money.
Is a GSIPP for you?
You’ll need to pay at least £300 a month into it – or £3000 a year, including any payment your employer makes.
However, if your plan already has more than £50,000 in it, the minimum payment is £100 a month.
Moving to a GSIPP will involve transfering to a different type of pension product. New terms and conditions will apply and your charges will be different under the GSIPP.
As with any pension plan, there are risks and commitments you need to be aware of. You need to get financial advice before deciding to move to a GSIPP.Download the key features document
What do I get with a GSIPP?
More investment choice
You can choose from a wider range of pension funds and mutual funds.
You can use a GSIPP to invest in investment options like:
- Stocks and shares
- Commercial property
Any investments you choose need to be in line with Standard Life’s rules and Government regulations.
You only pay for the GSIPP features you use. So if you’re only investing in the insured pension funds, you’ll pay a Fund Management Charge (FMC) which we’ll take when we calculate the unit price of the fund each day.
You will also be charged additional expenses.
If you wanted to use some of the more advanced features of the GSIPP - for example, to invest in shares - there may be additional charges for administration and transactions.
The greater flexibility and investment freedom mean that there are higher risks involved, as well as a greater need for active investment management and advice.
As with all investments, the value can go down as well as up, and you may not get back what you put in.
So, what next?
If you’re interested in changing your pension to a GSIPP, you need to talk to a financial adviser. They can tell you more about GSIPP and help you decide whether it’s the right option for you.Get financial advice