In-scheme drawdown is being offered to 1.5 million Standard Life pension savers as the facility is rolled out through its Group Flexible Retirement Plan (GFRP) and Group Self-Invested Personal Pension (GSIPP) scheme members.
The flexibility gives members the ability to save and take an income in a single plan with no additional charges, and comes with enhanced support across digital and telephone channels.
It follows the provider’s the expansion in its range of self-select responsible investment funds and the introduction in December of its new ESG default solution, the Standard Life Sustainable Multi-Asset ESG Default.
In-scheme drawdown was launched for Standard Life’s DC master trust members last year.
Members will retain any scheme discounts when they choose in-scheme drawdown, even if they change employer. Transfers in are permitted and financial adviser remuneration is facilitated within drawdown.
Members have access to new guided digital journeys and educational content, and can self-select from a range of over 300 funds, or Standard’s four investment pathways.
Standard Life workplace managing director Gail Izat says: “Launching In-Scheme Drawdown for our Group Flexible Retirement Plan (GFRP) & Group Self-Invested Personal Pension (GSIPP) scheme members marks another milestone in our drive to offer market leading workplace pension solutions and service. We are delivering on a promise made to the market in 2020, as part of our commitment to invest in our propositions, service and brand in the retirement savings marketplace.
“Widening access to in-scheme drawdown is a significant development in simplifying the journey to retirement for members and gives them more control over how they save and access their pension savings. In recognising the complex retirement decisions that members face, and to help workplace members and advisers, we have also built and introduced a range of online tools, calculators, investment choice architecture and telephony support to further simplify this process.”
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