Standard Life drops wrapper charge

Standard Life is ditching its £240 SIPP and offshore wrapper charge after analysing its pricing structure.

The life company announced a 20 basis points (bps) cut on charges on its SIPP and International Portfolio Bond (IPB) tax wrappers earlier in April taking the charges from 80bps to 60bps.

Mark Polson, head of communications for Standard Life Savings, says wrap is about long-term relationships, with the end result being a platform which delivers holistic advice across the age spectrum.

“These charges are supported by a system of discounts for larger holdings and advisers who accumulate large sums on the platform.  In addition, the price is all-inclusive, including both use of the platform and the tax wrapper itself.

“In our view, Standard Life Wrap now offers a compelling all-round full service proposition at a highly attractive cost, especially when combined with other key advantages such as our open stance on re-registration and attractive cash rates of up to 1.65%.”