Phoenix Group is the UK’s largest long-term savings and retirement business, managing over £280 billion in assets for roughly 12 million customers. While the group owns several legacy brands (such as SunLife, ReAssure, and AXA Wealth), it operates its "open" business primarily through the Standard Life brand.
In March 2026, the group completed a major strategic rebrand, shifting its entire retail and workplace identity to Standard Life. This move solidifies its position as a "full-service" retirement provider, covering everything from initial savings to guaranteed lifetime income.
If you need impartial advice about your opinions with an old Phoenix pension or guidance about whether Standard Life is the right provider for you, get in touch below.
Get 100% independent pensions advice today
Our independent financial advisers have a deep working relationship with pension providers across the UK, including Phoenix Group.
Whether you want to transfer your pension to Phoenix Group or have an existing pension with then that you want to get the most out of, we can help.
The IFA's we work with can provide independent advice about pension transfers, reviews, drawdown, annuities and much more. Book your free initial consultation with them below:
Phoenix / Standard Life Pension Products
Standard Life (part of the Phoenix Group) offers products tailored to every stage of the retirement journey:
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Workplace Pensions: Used by thousands of UK employers, these schemes often feature an "Investment Lifestyle" strategy that automatically de-risks your pot as you approach your target retirement date.
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The Standard Life Personal Pension: A flexible, digital-first pension for individuals. In 2026, their "ready-made" investment option is priced at a competitive 0.55% total annual charge (0.45% service fee + 0.10% fund charge).
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Self-Invested Personal Pension (SIPP): For more experienced investors, the SIPP provides access to a wider range of funds, allowing for bespoke portfolio construction.
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Junior Pension: A way for parents to start a long-term savings pot for their children, benefiting from 20% tax relief on all contributions.
Putting a Phoenix Pension into Drawdown
Standard Life is a leader in Flexi-Access Drawdown, designed to give you maximum control over your income.
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Tax-Free Cash: You can normally take up to 25% of your pot as a tax-free lump sum from age 55 (rising to 57 in April 2028). This can be taken all at once or in smaller portions over time.
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Regular Income: You can set up automated monthly, quarterly, or annual taxable payments directly through the Standard Life app.
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Investment Pathways: If you aren't sure how to invest your drawdown pot, you can choose from four "Investment Pathways" that align your money with your 5-year plans (e.g., "I want a steady income" or "I want to leave my money untouched").
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Guaranteed Lifetime Income Fund: Launched in late 2025, this innovative product allows you to secure a guaranteed "annuity-like" income within your drawdown plan, providing a safety net against market volatility.
Reviewing an Existing Phoenix Pension
Because Phoenix Group has acquired so many other brands over the years, many customers hold "legacy" policies (e.g., old Phoenix Life, Abbey Life, or Pearl Assurance pots). It is a good idea to have your pension reviewed by a professional if you hold one of these policies, to ensure your funds are in the best possible place for growth.
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Digital Migration: In 2026, Phoenix is encouraging all legacy customers to register for the Standard Life app. This provides a unified view of old pots that were previously managed on paper.
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Lifestyling Check: Phoenix recently updated their "Lifestyling" rules. A review is essential to ensure your money isn't being moved into "low-risk" cash funds too early if you plan to work beyond age 65.
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Fee Audit: Older legacy policies sometimes carry higher charges (up to 1.0% or more). A professional review can determine if moving these funds into a modern Standard Life Personal Pension would lower your costs.
Transferring To and From Phoenix (Standard Life)
Transferring INTO the Provider
The group is a major hub for pension consolidation.
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The Process: You can initiate a pension transfer online or through the app. Standard Life uses the Origo electronic network, meaning most cash transfers complete in 10 to 15 working days.
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In-House Advice: As of early 2026, Standard Life has launched its own FCA-approved in-house advice service to help customers consolidate complex pots more safely.
Transferring OUT
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No Exit Fees: Standard Life has removed exit fees from its modern personal and workplace pensions.
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Legacy Warnings: If you are moving an older Phoenix Life policy, you must check for Market Value Reductions (MVRs) or "with-profits" penalties that could apply if you leave before a specific date.
Pros, Cons, and Customer Reviews (2025-2026)
The Pros
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Financial Scale: Massive stability as a FTSE 100-listed retirement specialist.
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Excellent App: The Standard Life app is highly rated (4.5/5) for its clarity and ease of making contributions.
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Service Excellence: Standard Life consistently wins Gold awards from Defaqto for its drawdown and SIPP service.
The Cons
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Legacy Complexity: Customers with very old policies sometimes report "communication gaps" as their data is moved between legacy systems.
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Service Wait Times: During high-traffic periods (like the end of the 2025/26 tax year), some users reported delays in reaching customer service by phone.
What Customers are Saying
"The move to the Standard Life app has been a game-changer. I found an old Phoenix pot I’d forgotten about, and it’s now sitting right next to my current workplace pension." — Member Review, Jan 2026
"Performance has been solid, but trying to transfer out an old with-profits policy required a lot of back-and-forth paperwork. Modern plans are much faster." — Trustpilot Review, Dec 2025
How Our IFA Service Can Help
At Money Helpdesk, we connect you with Independent Financial Advisers (IFAs) who can provide an objective, third-party view of the Phoenix Group/Standard Life ecosystem.
Our IFA service helps you by:
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Fee Benchmarking: Comparing the 0.55% Standard Life charge against flat-fee providers to ensure you aren't overpaying as your pot grows.
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Legacy Asset Protection: We perform a deep-dive into old AXA or Phoenix Life policies to ensure you don't lose "Guaranteed Annuity Rates."
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Investment Pathways Analysis: Helping you choose the right Investment Pathway for your specific tax bracket and health status.
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2026/27 Tax Planning: Ensuring your contributions are optimized for the latest government allowances.
Get started here to book a free, no-obligation chat with an IFA who can go through your options with an old Phoenix pension and review whether a modern Standard Life plan is the right choice for you.