View more on these topics

Standard Life slashes drawdown charges

Standard Life is to scrap charges for customers in drawdown as providers firm up their offerings ahead of new pension freedoms coming into force next month.

The firm previously charged a one-off fee of £208 on set-up and £312 for early depletion, but these have both been ditched.

It continues to charge a maximum of 45 basis points for customers going into regular investments, with fund managers setting an addtional AMC. Standard Life estimates the charges are equivalent to 0.7 per cent for most customers.

Standard Life head of adviser platform propositions David Tiller says: “The impact of the pension freedoms goes well beyond provider and adviser operational readiness.

“This legislation will transform the UK long-term savings market. Instead of being seen as inaccessible and opaque, pensions are about to become consumers’ long-term savings vehicle of choice. Our role is to make it easy for advisers to access the flexibility, which is why we’ve decided to drop these additional drawdown charges.”

In addition, the provider continues to develop its wrap proposition following the January launch of DFM Discretionary Plus, and expects to implement drawdown reporting as well as investment hub multi-portfolio capability.

Tiller says: “We know advisory businesses understand the opportunity arising from the new pension freedoms, but, at the same time, are concerned about increasing their capacity to deliver retirement advice while managing the obvious risks for clients living off their portfolios on a day-to-day basis.

“Platform technology has a clear role to play in providing an efficient and consistent way to facilitate the level of advice these clients need.”

Recommended

SimonGoldthorpe

Profile: Simon Goldthorpe

As executive chairman of the Beaufort Group, Simon Goldthorpe admits he misses being an adviser. “But it is difficult to be an adviser and build a business,” he says. “The distractions are too great and sometimes you can’t see the wood for the trees.” It is fair to say Goldthorpe knows a thing or two […]

FCA logo new 3 620x430
9

FCA: The challenge of serving vulnerable customers

Last week we published a paper on the treatment of vulnerable consumers. It is intended to contribute to a conversation that the industry, regulators and consumers need to have. One in eight people in the UK act as carers, the number of dementia patients is due to double over the next 40 years and someone […]

George-Osborne-with-head-down-walking-700.jpg

Osborne admits RBS regrets and seeks quick sale

Chancellor George Osborne says he regrets not restructuring Royal Bank of Scotland in 2010, and wants to sell the Government’s stake in the bank as quickly as possible. In an interview with the FT, Osborne says he went along with RBS’s insistence that its investment bank would be a viable, global business. He says: “I […]

Pension savings-2015

Pension tax relief: parked (for the moment)

The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com