Standard Life has launched an affordable retirement advice service for customers.
Standard Life Financial Advice will primarily target customers already with the provider from the age of 54 years and nine months and with a minimum of £50,000 saved in a DC pension pot.
The service aims to support customers with decisions such as how to structure their retirement income, the level of investment risk they should take in retirement and how to take tax free cash from their pension.
Customers will also be able to access tailored financial advice for a single flat fee of £1,000, regardless of pot size, with an optional annual review also available for £500 per review.
The service will launch with 10 advisers with Standard Life confirming it would take on more advisers to meet demand as it arises.
Damian Cheater, chief executive of Standard Life Financial Advice Services, said: “We want to make financial advice more inclusive and accessible. Standard Life Financial Advice aims to fill a crucial gap for those who would not ordinarily seek traditional advice but need tailored support to maximise their options as the plan for retirement.
“We have designed our service to make advice more accessible compared to some traditional financial advice models.
“We believe that having a single flat fee will prove attractive and help introduce more people to planning financially for their retirement.”
Standard Life told FT Adviser targeted support would complement its advice and existing guidance propositions.
“Launching Standard Life Financial Advice is just one part of providing a suite of services to support our customers.
“As a wider business we are also looking to develop additional tools and engagement journeys to deliver targeted support and we continue to engage with the FCA and Treasury on the Advice Guidance Boundary Review,” it added.
alina.khan@ft.com