Direct Property

Important update – January 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 properties already held in your existing policy.
You may be in the process of purchasing a direct property, so we are allowing some time for the submission of applications.

We recommend discussing your requirements with your financial adviser.

Important information for current new cases:

  • A policy needs to be 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 adviser 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 if I currently have a Direct Property?

  • All existing properties in place can continue to be held until you wish 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 you currently hold a property in a pre-retirement product you will be required to dispose of the property by retirement and you will be unable to transfer the direct property to a post retirement product, e.g. ARF product with Standard Life.
  • As the sale of properties can be a lengthy process, if you are approaching retirement you should discuss your options with your financial adviser and commence this process well in advance of your selected retirement date.

Syndicates

  • For syndicates with members  that are retiring in less than 12 months from 31 December 2020 please contact your Syndicate Coordinator.
  • For members who are retiring in more than 12 months from 31 December 2020, the following options are available:
        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 consider 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.

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