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Standard delays move on medium-term savings product

Standard Life says a lack of demand for the Sandler medium-term savings pro-duct from IFAs will delay the company’s launch into the market.

Of the major life offices, only Norwich Union and Legal & General will have a medium-term savings product in place when the full Sandler suite comes into existence this week.

Standard Life marketing director Barry O’Dwyer says the company will set up a product when it has low-cost, basic advicestyle distribution deals in place such as NU’s arr-angements with several building societies.

Standard is changing the default fund on its stakeholder pension from April 6, replacing its stakeholder with-profits option with a lifestyling vehicle. Charges will be held at 1 per cent.

O’Dwyer says Standard will write to the 30 per cent of its stakeholder pension customers who have invested in the default fund to tell them of the lifestyling alternative.

Most of these clients are Standard’s own staff, however, and few are expec-ted to switch because they will get a windfall when the firm demutualises.

O’Dwyer says: “We int-end to launch a mediumterm Sandler product later in the year but there is no use in building it now because the demand is not there.”

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