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Standard Life to cut pension charges

Standard Life has announced it will lower the charging structure on all of its pension products to bring them in line with stakeholders when they are launched next April.

The mutual life offices says its 750,000 existing pension contributors will benefit from the lower charges. Under stakeholder regulations, providers cannot charge annual fees any higher than 1 per cent of contributions.

Annual charges for Standard Life&#39s pensions will range between 0.6 per cent and 0.8 per cent.

Standard Life also says it will offer reassurance to 800,000 of its 1.65m endowment policyholders who potentially face possible shortfalls.

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