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Standard reprices to 1%

Standard Life has repriced its entire pension book to 1 per cent and says it will be the only provider able to make the wholesale changeover.

It repriced existing personal pension contracts to a single charge when stakeholder was introduced in April. It is now transferring all its occupational schemes to 1 per cent.

Standard says it has the financial strength and the systems to make the move. It believes other providers will struggle to cope with the admin.

Other providers say complete repricing is unnecessary and that renegotiating with trustees on a case-by-case basis is more effective.

They also say many executive pensions need advice and tax planning that cannot be priced within 1 per cent.

IFAs have been lobbying providers to reprice, saying they will take business elsewhere.

Norwich Union head of corporate pensions Ian Oliver says: “We discuss it with each trustee and where necessary have moved to 1 per cent but we have not seen a significant demand.”

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