Better Deal for over 85,000 customers

Better deal for over 85,000 customers Standard Life is continuing to demonstrate a commitment to providing a fair deal for all its customers by reviewing the terms of another three pension products. This review will provide better value for money for more than 85,000 customers. Over one million customers have already benefited from re-pricing of Standard Life's personal and occupational pensions. Standard Life has now extended its 'Fair Deal for the Future' initiative by improving customer terms for existing Free Standing Additional Voluntary Contributions (FSAVC) Plans, Retirement Annuity Contracts (Section 620) and Transfer Plans (Section 32 buy-outs). Due to declining levels of new business, Standard Life will cease to offer its FSAVC contract to new members but will continue to accept ongoing contributions and increases for existing customers. Michael Leahy, Marketing Director at Standard Life, said: "Standard Life is once again leading the way in the UK pensions market, and has gone further than any other UK provider in our efforts to give excellent value for money to all of our customers. We have made a commitment to our customers to reduce charges whilst maintaining an outstanding level of customer service." ENDS Notes to editors Standard Life's worldwide assets under management exceed the total stock market value of Sainsbury's, Boots, Tesco, Cadbury-Schweppes and British Airways combined. We are one of only six life assurance groups worldwide to have been awarded a 'Triple A' classification - the highest possible - by leading international rating agencies, Standard & Poor's and Moody's. Standard Life is Europe's largest mutual life assurance company. Section 620 policies are Retirement Annuity Contracts, which were closed to new entrants on 30 June 1988 before Personal Pension Schemes were launched on 1 July 1988. Section 32 buy-out contracts can accept a transfer payment from an occupational pension scheme for a member who has left pensionable service. Free Standing Additional Voluntary Contributions (FSAVC) Plans are available to people who are a member of an approved pension scheme with their current employer, to top up pension benefits received at retirement. There will be no change to the investment funds available to FSAVC Plan, Retirement Annuity Contract or Transfer Plan customers. FSAVC will be open to new members until 4 July 2002. The improved terms will be effective from 23 July 2002. All new business on the current terms must be received by 4 July 2002. New business terms will also be changing from 23 July 2002. For further information contact: Jeff Newton, Public Affairs 0131 245 5386/0771 248 6190 Suzanne Laporte, Public Affairs 0131 245 5831 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/05/07/20020507BIT00170/wkr0001.doc http://www.waymaker.net/bitonline/2002/05/07/20020507BIT00170/wkr0002.pdf