Brokers have hit out at Standard Life claiming the life office is denying voting rights to its with-profit pension holders who want a top up.
Anyone topping up their pension loses membership rights and windfall eligibility on basis of taking out the increments, although no changes are made to the original policy. Standard Life says this practise was introduced on February 10 as a three year ruling to deter carpetbagging from a potential demutalisation. Anyone applying for a new policy would not be eligible for membership or windfalls which includes top ups to existing policies.
But one broker says: “I do not feel existing members of Standard Life should be penalised in this way.”