Standard Life's two contract-based schemes

Our Group Flexible Retirement Plan (GFRP) is a contract-based workplace pension scheme that offers exceptional control, flexibility and investment choice for you and your members.

Our Group Self-Invested Pension Plan (GSIPP) is incredibly versatile, scalable and flexible. It can offer you and your members everything from the very simplest do-it-for-me default investment approach right through to full hands-on choice from the global market.

Who is GFRP for?

Whatever the size of your business, our GFRP is designed to stretch and flex to fit your needs both now and in the future. As your business changes, GFRP is there with you to cover your pension provision requirements and help support your members to save for a happy retirement.

Why choose a Standard Life contract-based pension scheme?

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Flexibility, industry awards and impressive facts and figures are all very important, of course, but if you asked us at Standard Life what we’re most proud of in our GFRP and our GSIPP, we won’t hesitate to tell you – it’s member experience, every time.

It’s absolutely what drives us to keep improving, and we’re happiest when we hear how satisfied workplace members are with their pension scheme. It’s all about engagement and support and that’s where we are proud to excel.

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Benefits for you

• Easy online application for auto-enrolment
  You can get a quote and apply online any time that suits you.
• Easy to manage
  We’ll set you up with a dedicated online administration platform, so that it’s simple for you to set up your pension scheme and manage everything in one place.
• Engaged members
  We’ll keep in touch with your members to help them stay engaged, value the workplace pension you provide and feel positive about their future finances. And we can set you up with interesting and attractive member campaigns.
• Always compliant
  We’ll do all the necessary reporting and supply the information needed to keep your workplace pension compliant with pension regulations for employers.
• A seamless journey
  We’ll get your scheme set up and running smoothly. We’ll work with you to pinpoint your particular needs, plan the transition and also keep you updated on the latest pension news.

Why upgrade to a GSIPP?

If your members are looking for an even wider investment choice then they can upgrade to our Group Self Invested Personal Pension (GSIPP) plan.

Wider investment choice

Upgrading to a GSIPP throws the doors open to a huge range of investment choices - your members can select from thousands of funds, stocks and shares, and other investments.

Value for money

Members only pay for the features they use. For example, if they choose to invest in stocks and shares there may be additional charges for administration and transactions.

Contract-based pension scheme governance

Contract-based schemes are based on individual contracts with the members, which are grouped together at scheme level. They don’t have a trustee board and there is no formal fiduciary duty, in the way that there is with a Master Trust. Don’t let this put you off: Standard Life has no fewer than four supervisory committees, and we also run quarterly Treating Customers Fairly assessments – an ongoing program of risk assessments, internal and external audit checks.

• The Independent Governance Committee has four independent members with extensive experience and a diverse mix of skills, supported by Standard Life experts. You can meet the Independent Governance Committee (IGC) and find out more about their role.
• The Customer committee receives input from regular member surveys, keeps processes under review and makes recommendations for improvement.
• The Investment committee ensures funds operate in line with expectations, and holds asset managers to account.
• The Sustainability committee is responsible for sustainability strategy, challenges business activities, and ensures strategy is embedded throughout a fairness and risk management framework.

Interest Rates and Charges for product bank accounts

Product bank accounts can hold money prior to investing or when making a withdrawal. For certain products they are also used to pay charges.

Read our Interest Rates and Charges for Cash Accounts page for more details.