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Important update – December 2020
We regularly review the range of investment options available to customers based on their needs and commercial viability of the investment proposition to ensure we’re offering the right mix of investments.
After our latest review we have decided to close new investments into Direct Property on our Self-Directed options.
- We will continue to maintain all existing properties already held.
- You may be speaking to clients who are interested in direct property, so we are allowing some time for the submission of applications.
Important information for current new cases:
- The customer will need to have a policy in place with the appropriate level of funds.
- A Property Information Questionnaire (PIQ) will need to be submitted and completed by 1 March 2021.
- No new PIQs will be accepted after this date.
- On receipt of a completed PIQ the property will go through a full review and legal conveyancing.
- Standard Life may decide not to proceed with the purchase of the property if following the review there are issues or concerns raised in respect of the property.
- We will keep you and your client informed throughout the process and any costs incurred to this point are the responsibility of the policyholder and will be deducted from their policy cash account.
What does this mean for customers who currently have a Direct Property?
All existing properties in place can continue to be held until the customer wishes to surrender the policy. The property will need to be sold and the proceeds of the sale held in the policy cash account before the surrender request can be fully actioned. We will be maintaining all existing properties and will continue to be the legal owner and landlord. There will be no change to the management of existing properties.
If customers currently hold properties in a pre-retirement product they will be required to dispose of their property by retirement and they will be unable to transfer their direct property to a post retirement product, e.g. ARF product with Standard Life. As the sale of properties can be a lengthy process, customers approaching retirement should commence this process well in advance of their selected retirement date.
For syndicates, with members that are retiring in less than 12 months from 31 December 2020 we would prefer if they could dispose of the property prior to retirement but in the event that they can’t we will review options and may consider allowing them to transfer their holding to an ARF.
For members who are retiring in more than 12 months from 31 December 2020, they have the following options
1) The retiring syndicate member agrees to sell their holding to another syndicate member
2) The syndicate sells the property
3) The syndicate transfers to another provider
Whichever option is chosen, please bear in mind that as the sale of properties can be a lengthy process, customers approaching retirement should commence this process well in advance of their selected retirement date.
We are writing to all customers who currently have a direct property in their pension or ARF. We’ll also ask them to speak to their financial adviser for advice.
For more information, please email our Property team Property_team@standardlife.ie or call them on (01) 639 7140. Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.