The product will take the form of a set of guarantees that clients can add to the funds within their Sipp.
Charges depend on which type of fund the client takes out the guarantees on but will be between 2.5 and 3 per cent, including commission, for the first six years and around 60 basis points less thereafter.
Standard Life is also launching a free retirement manager tool in May which will allow advisers to take tax planning into account when giving pension advice.
The tool is designed to do all the number-crunching for advisers and head of pensions policy John Lawson claims it could cut the time and cost involved in the advice process by as much as half.
Lawson says third-way products have not yet taken off in the UK because they are expensive and viewed with suspicion as consumers do not recognise the names of the providers offering them.