Standard Life is to launch a drawdown price lock, which it believes is the first of its kind in the UK, to help meet the needs of clients in retirement.

The company has also announced plans to reduce its platform fees as part of a simplified pricing structure from six to four tiers.

The drawdown price lock will “keep fees down” for clients taking drawdown income, and the reduction in Standard Life’s Wrap platform rate card aims to make a “real difference” to existing clients.

Standard Life says it has focused on delivering a “sustainable fee structure” that rewards advisers’ core clients.

Traditional platform fee structures see the fee rate step up as a client’s pension pot reduces, while Standard Life’s new option will ensure platform charges on pension savings can be locked at its “lowest level for life,” according to the firm.

This will give advisers the control to lock in charges when they and their clients choose.

The pricing updates will see the number of pricing tiers reduce from six to four and will come into effect in April 2020. It will be available to both new and existing clients.

In recognition of increased numbers of adviser’s clients consolidating in the run-up to retirement, as well as the revised tiered pricing, there is also a new option to set a 15 bps flat fee for clients with more than £1m, the company says.

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