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Standard Life scraps plans for £240 Sipp charge on wrap

Standard Life has abandoned its plans to replace its £200 non-core Sipp charge with a flat £240 fee.

In March Money Marketing revealed that Standard Life was removing the £200 charge for non-core funds on its Sipp and offshore bonds and replacing it with a flat £240 charge from April 2010.

However, Standard has canned its plans to introduce the flat charge on its Sipp due to adviser feedback and recent tax changes, with effect from October 3.

A statement sent from Standard Life Savings chief executive officer Geoff Towers to wrap users says: “Wrap is about long-term relationships and so we are pleased to support those in earlier phases of their financial lives as well as those with more complex needs.

“These pricing changes also achieve a flat charging structure across wrap Sipp, wrap international bond and wrap portfolio bond, enabling you to select wrappers purely on the basis of tax treatment.”

Standard will retain its plans to cut platform charges by 0.2 per cent. Towers also said that the firm is increasing the transactional charges it levies on direct security and property investments from October 3.

He says: “The rises are in line with national average earnings and take account of the last two years.”

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