Standard Life plans to target the high-end SIPP market, as part of an overhaul of its pension proposition.
The firm, which is re-entering the personal pension market today, says its long-term goal is to offer a proposition which appeals to a broad cross-section of consumers.
The Active Money product range will be expanded, with today's launch of the Life Plan proposition, which can link directly into the Active Money SIPP.
Mark Polson, head of customer management at Standard Life, says: "We wanted to create a proposition for customers to use throughout their life, with a low-cost personal pension for their early career, a low-cost SIPP when they've built up some assets, and a specialist SIPP for those who become particularly wealthy."
Polson believes Standard Life can compete in the high-end SIPP market, currently dominated by smaller, specialist players.
"We're still working on the proposition and we will not be launching at the same time as the Active Money Personal Pension as we want take our time and create the kind of service advisers and their top-end clients are looking for," he adds.
At all stages of the Active Money pension proposition, clients will only pay for the services they are using, and a range of flexible remuneration options are available for advisers.
Assets can be easily transferred between the various stages of Active Money, either by phone or online, Standard Life says.
The personal pension offering is available from February, with the specialist SIPP proposition due to launch later next year.
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