Drawdown Price Lock now available on Wrap

Ready to support your clients when the time is right.

We’re pleased to confirm that our innovative Drawdown Price Lock, the first of its kind in the UK, is now available on Wrap.

With the recent market volatility created by the Coronavirus pandemic, we believe this will become a valuable feature for your drawdown clients in the longer-term.

Supporting your clients when the time is right

Clients benefit most from locking in their Wrap SIPP platform charge when assets are at their highest. This means charges for their SIPP will not increase as they take money out of their pension and move back down the pricing tiers. The price locked in is based on pension and non-pension platform eligible assets, including assets held within a family linking arrangement. The price lock applies to the SIPP platform charge.

We appreciate the time may not be right to lock in clients just now as circumstances may have changed that requires a full suitability review. However, following a review, you may have some drawdown clients that could benefit now. That's why we're following through on our commitment to deliver client value for life by making the Drawdown Price Lock available now.

We hope this progressive approach provides an opportunity for you to continue to build long-term and valuable relationships in these unprecedented times.

Support and guidance to help you when the time is right

  • Make your clients aware of this new feature using our template wording
  • Take a look at our case study scenarios to see which clients could benefit
  • View our decision tree for a quick guide on eligible clients
  • View our bulk process guide for details on how to apply the Lock to a group of selected clients
  • View our Drawdown Price Lock guide for new business
  • View our Drawdown Price Lock guide for existing business
  • Consider delaying locking in clients with platform eligible assets that are likely to keep growing or have the potential to recover from recent market volatility
  • Consider building Drawdown Price Lock suitability into your regular client reviews
  • Speak to your usual Standard Life contact if you'd like a list of all your existing drawdown clients, we'll let you know when refreshed data is available if the timing is not right for you now
  • Identify clients that could achieve a better lock in price if they consolidate other assets
  • Link all eligible family accounts so clients can fully benefit now from the reduced Wrap pricing and lock in the lowest price (View our Client Terms and Conditions for eligible accounts)

Flexibility to change as your clients' needs change

We understand that clients' plans and needs can change. You have flexibility to apply and reset the price lock once in a 12 month period for each eligible client. You can remove the lock at any time.

Further support

Your usual Standard Life contact can support you with the process for applying the lock and draft communications to existing customers.They can also answer any other questions you may have.

If you don't have a Standard Life contact, please email us using the link below.

Get in touch

 

The value of an investment depends on the value of underlying assets and can go down as well as up, and your client could get back less than they paid in.