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Standard adds flexible personal pensions

Standard Life is offering two new personal pensions that allow flexibility on contribution payments, bringing the products in line with the leeway allowed on stakeholder.

The personal pension flex and group personal pension flex offer customers a range of different payment methods and allow them to vary the frequency and amount of contributions they make.

Customers can reduce contribution levels or make extra contributions as and when their finances allow it. The contracts are priced at 1 per cent and have 100 per cent allocation. Further external fund links are available but are priced outside the 1 per cent cap.

The contracts have a with-profits guarantee of 0 per cent, meaning investors will not suffer any loss on their fund when they come to retirement, regardless of market levels.

Standard says it has a market share of individual pensions, including GPP sales and stakeholder, of 21.5 per cent for the first quarter this year and 28.2 per cent in the IFA market.

Marketing development manager Abigail Morrison says: “We have redefined the features of our plans in response to customer demands for greater flexibility. They want to have greater control over how and when they pay their contributions.”

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