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Standard Life introduces Active Money Personal Pension plan

UK based Standard Life has introduced an Active Money Personal Pension (AMPP) online plan, via its website.

Standard Life said that the AMPP solution combines purchase process with flexibility and a range of investment funds with the benefits of tax-relief, where for every 80 pounds Sterling the customer invests, the tax man tops up with a further 20 pounds.

The plan can be started from 80 pounds a month or a single payment of 800 pounds, and is designed to attract the new customers who have to date not used pensions as a way of planning for the future.

Standard Life Direct director Mark Till said that the Active Money Personal Pension is developed to directly address the preconception that people think a pension is inflexible and inaccessible.

"Customers are daunted not only by the amount of money they need to invest but also where to invest.

"In user testing, simple steps like demonstrating the value of tax-relief, ensuring customers select the right investment funds to meet their attitude to risk, and showing a pension can be flexible were very well received," Till said.

In addition, Standard Life has also introduced an online Pension Planner tool that takes customers through six to help show the benefits of saving for the long term while also calculating any potential shortfall.

Customers can include details of any previous pension plans and change retirement dates to see how Pension Planner tool might affect their plans.