About Us Consumers Advisers Employers Media

	Why have a pension?
	How a pension works
	Our individual pensions
	Individual pensions
	Our group pensions
	Investment for consumers
	Why Scottish Life?

You are not logged in.

• Log in
• Register

Consumer  >  Our individual pensions  >  Individual pensions

Individual pensions

Our main individual pension offering is the Pension Portfolio (previously called the Individual Personal Pension) which was launched in December 2006. 

With its extensive investment options, competitive charges and ability to evolve as your personal circumstances and aspirations change, we believe our Pension Portfolio offers a genuinely unique and better way to save for your retirement. You should read our Pension Portfolio customer guide for full details of how it can benefit you. 

A recent addition to the Pension Portfolio is Income Release.  Income Release is a new facility which gives you the flexibility to access your pension benefits at a time and in a way suitable to your individual needs, once you reach age 50 (55 from 6 April 2010).  If you would like more details about this facility you should read our Income Release customer guide.

Other pensions

We also offer a range of specialised pension plans under the 'Individual' family name. Products under the brand include:

• Stakeholder pension plan
• Executive pension plan
• Section 32 buy out plan

Stakeholder pension plan

A stakeholder pension plan is a low cost pension introduced by the Goverment in 2001. They are primarily designed for individuals who wish to save for retirement or those who simply wish to top up their retirement savings. Stakeholder pension plans can also be started on behalf of children. For more information see our stakeholder customer guide.

Executive pension plan

An executive pension plan is a type of occupational (company) pension that an employer sets up to provide retirement benefits for employees, usually senior executives and other key personnel. For more information see our executive pension customer guide.

Section 32 buy out plan

A section 32 buy out plan is an individual pension that is used to receive pension benefits transferred from an existing occupational pension scheme. These plans retain many of the features of occupational pension schemes but allow individuals greater control of retirement savings, including the choice of investment fund(s) and the timing of the start of retirement benefits. For more information see our section 32 customer guide.

Further information

If you need additional information about any of our individual pension contracts we recommend you speak to your financial adviser. They will be able to assess your individual circumstances and identify which type of plan(s) could benefit you.  If you don't have a financial adviser, you can find one through the Find an IFA website.