Standard Life is launching new single charge occupational pensions while converting a range of five existing pension products to single charge.
The changes are effective from February 2002 and effect occupational money purchase, group AVC, executive and small self administered pensions.
In the package of changes will be a reduction in the guaranteed unit growth rate to 0 per cent from 4 per cent for future contributions to the with profits fund.
Graham Storrie, Assistant General Manager of Marketing at Standard Life said of these changes: "This is extremely good news for over 200,000 customers. In the low cost environment in which we are now operating, it is important to ensure that we remain competitive while continuing to offer our customers excellent value for money.”