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.
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.
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.
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.
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.