What is a third-party mandate?
A third-party mandate allows you to ask someone you trust to receive information on your behalf in discussions with Standard Life. This could be a family member, friend, neighbour, local authority, charity or carer.
You must be able to make decisions for yourself to appoint one, and whilst they can receive information, support you, and speak to us on your behalf, they cannot make decisions for you.
The person you choose will be able to communicate with us about any information relating to your relationship and products with Standard Life. Some examples, if they had a pension, would include (but are not limited to):
- How much is in your pension
- How your pension is invested
- Your investment options
A third-party mandate is only in place for one year, after which you would need to renew it. You can cancel at any time before that.
Setting up a third-party mandate
You must have a valid UK passport and be living in the UK.
You can call us on:
Active Money Personal Pension (AMPP) or Self-Invested Personal Pension (SIPP)
All other products:
0800 634 7482
Or
Write to us at:
Standard Life House
30 Lothian Road
Edinburgh
EH1 2DH
What is a power of attorney?
A power of attorney is a legal document that gives someone you trust the ability to make decisions and do things on your behalf. This may be either through your choice or because you’re unable to make decisions.
The ‘attorney’ can be a friend, family member or professional such as a solicitor. They need to be over the age of 18, or 16 in Scotland, and they can’t be classed as bankrupt. You can have more than one attorney, just make it clear if you want them to make decisions together or separately.
The process of setting up a power of attorney is simple and inexpensive. It is something you can do yourself and does not require a solicitor to do so (although they can help if you choose). You can find more information in the section below depending which part of the UK you’re in.
Without a power of attorney in place, your family or loved ones would be required to go to the court to be appointed to make decisions on your behalf (in the event you were not able to). This could be a long and potentially costly process. Even your partner or children won’t be able to make decisions on your behalf.
It’s worth setting one up now to make your, and your loved ones, future simpler, in case you need it.
Why set up a power of attorney?
A power of attorney enables you to choose those you want to make decisions on your behalf, for when you need them to.
It does not have to be just one person (you can choose how many you like). When you recover, you can then take back control, and even change your power of attorney(s) if you want to.
In a situation where you were to have an accident or fall ill and find you can’t make decisions for yourself anymore, having a power of attorney can give you peace of mind that your wellbeing, both health and wealth, are in the hands of someone you trust.
How to set up a power of attorney
Setting up and registering a power of attorney is a relatively simple and inexpensive process. There are two types of power of attorneys:
- Health and welfare (known as Welfare Power of Attorney in Scotland)
- Property and financial affairs (known as Continuing Power of Attorney in Scotland)
When setting up either (or both) there are three main steps you need to take:
- Choose your attorney (you can have more than one)
- Fill in the forms to appoint them as an attorney (in Scotland a power of attorney document will need to be prepared)
- Register your power of attorney with the Office of Public Guardian in England and Wales, or the Office of Public Guardian (Scotland) for Scotland.
a. Processing can take up to 16 weeks
In England and Wales, the cost for this is a one of fee of £82 for registering either type of power of attorney (excluding solicitors fees if you choose to use one). If you set one up for both health and for finacial affairs, this would be a total cost of £164. In Scotland, the cost is £87 whether you set up one or both types.
Depending on where you live in the UK there may be slight variations as to how to register a power of attorney, so it is worth looking up more information about each country.
Find out more about the process for:
How to authorise Standard Life to talk to someone else about your pension
You need to send us either the original power of attorney document or an original certified copy. It must be sent through the post, not by email. Here’s our address:
Standard Life House
30 Lothian Road
Edinburgh
EH1 2DH
Please don’t send a photocopy - we cannot accept these; they will be returned to you and your application delayed. A certified copy must be printed and signed by the person who has a relationship with Standard Life (i.e they hold a pension or product with us).
If that person isn’t able, one of the following can sign instead:
- A solicitor
- A notary public
- A stockbroker
- A chartered legal executive