Stakeholder Standards
Stakeholder pensions are designed to encourage more people to save for their retirement. The main difference from other pensions is you get built-in guarantees called stakeholder standards.
No company can call its pension 'stakeholder' unless it guarantees to meet or beat all the stakeholder standards. We have set out some of the main stakeholder requirements below, and also shown how the Virgin Pension meets or beats these standards.
| Stakeholder standards | Virgin standards |
|---|---|
| Annual charge 1.5% maximum | Annual charge 1% |
| No other charges | No other charges |
| Minimum payment £20 | Minimum payment £1 |
| Stop, start and change payments without penalty | Stop, start and change payments without penalty |
| Easy to understand standard investment choice | Easy to understand standard investment choice |
| Lifestyling option - as you near retirement, your investment automatically gets moved into a less volatile fund | Lifestyling option - as you near retirement, your investment automatically gets moved into a less volatile fund |
| Free transfers to other providers | Free transfers to other providers |
| Annual statements | Statements twice yearly + 24/7 online |