View more on these topics

Standard Life U-turn on £750 Sipp exit charge

Standard Life has shelved plans to charge customers £750 if they transferred out of the firm’s Sipp within 12 months of the set-up date.

The proposed charge, which would have affected new clients from January 2011, was announced last month alongside a 4 per cent hike in Sipp charges for existing customers.

In an email to clients, the company says: “After further reconsideration we have decided not to implement this charge, which would have been effective from January 2011.”

Standard Life head of Sipp Alistair Hardie says: “After actively seeking adviser feedback, we have taken immediate action and decided not to introduce this charge as we had planned from January. Instead, we will continue to monitor activity using our free consolidation service and deal with this on an individual basis.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “It never made sense to penalise investors for the actions of unscrupulous brokers who were deliberately taking advantage of Standard Life’s good quality administration before then transferring funds elsewhere.”

Standard Life has also put the brakes on plans to introduce a 0.25 per cent switch charge on FundZone, the company’s fund supermarket, which was set to be implemented when a current special offer waiving it ends in December.

A spokesman says the charge has been postponed “indefinitely”.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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