Pensions  

Standard Life cuts personal pension charges

Standard Life cuts personal pension charges

Standard Life has introduced a series of price reductions on its personal pensions, with some customers set to benefit from a 0.5 per cent discount. 

The discounts apply immediately and will benefit new and existing customers holding insured funds in AMPP and SIPP plans, with pots of between £25,000 and £500,000.

Fund charges for Standard Life AMPP & SIPP customers

Value Tier

Current Effective Charge %

New Effective Charge %

£0 to £25k

0.69%

0.69%

£25k to £250k

0.69%

0.49%

£250k to £500k

0.59%

0.49%

£500k +

0.49%

0.49%

Standard Life said a typical SIPP client invested in the Standard Life sustainable focus 3 pension fund, with a plan value of £100,000 will see their effective charge reduced by £200 per annum, as it has dropped from 0.69 per cent to 0.49 per cent. 

The move is accompanied by an overhaul of the company’s online portal as part of plans to appeal to the adviser market, according to Standard Life’s managing director of retail intermediary Chris Hudson.

“We are looking to make improvements in all aspects of our offering and show our long-term commitment to advisers by improving their ability to do business with us. 

"This is the start of that process and part of our strategy to invest in the support we provide to advisers to meet the needs of their clients,” he said. 

A series of digital upgrades are also planned with the launch of a new adviser platform that will gradually move away from the current portal, Adviserzone which is expected to be retired by early 2023.

The new portal will include a filtering system for literature and a new fund filter design. 

Standard Life has said more developments are planned over the next year to update tools and calculators to further improve advisers’ experience and ability to transact online.

jane.matthews@ft.com