Bridging the gap - Standard Life launches affordable pensions advice service focused on underserved consumers

7th October 2025

Standard Life, part of Phoenix Group, has launched a new affordable retirement savings advice service for customers - Standard Life Financial Advice.

The service aims to help those who wouldn't usually consider paid advice gain access to the support they need when saving and deciding how to take their pension income.

Standard Life Financial Advice aims to support those who would not usually seek or receive financial advice

Single flat fee charging structure with additional option of annual review

Service accessible to Standard Life customers with £50,000 of pension savings

At launch, the retirement advice service is primarily targeting existing Standard Life customers from the age of 54 years and nine months and with a minimum of £50,000 saved in a Defined Contribution (DC) pension pot. The service will 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.

Affordable fees and Accessibility

Customers can 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.

Standard Life Financial Advice launches with 10 advisers and will expand the team to meet future demand as it arises.

A decade on from the introduction of pensions freedoms, which gave people choice and flexibility around when and how to access their pension money, individuals face more responsibility than ever before to make the right decisions for their situation. At the same time, fewer than ten percent of people currently use financial advice1, potentially missing out on crucial support. The Standard Life offering is designed to widen the support available to those with modest savings - the 90% plus in the UK who don't receive financial advice. The value of professional financial advice is clear. The addition of Standard Life Financial Advice will complement the work of the established adiser community.

Standard Life's Retirement Voice research found that of those who have used a financial adviser, 69% believe their adviser has helped to improve their standard of living and nearly eight in ten (77%) say they're financially better off because of the advice they've received.2

Damian Cheater, CEO, Standard Life Financial Advice Services Ltd 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.

"As people live longer and pension freedoms increase complexity, the responsibility for making the right financial choices has shifted heavily onto individuals. Yet many feel overwhelmed, under-informed, or believe advice is only for the wealthy.

"I’m incredibly excited that our experienced team of advisers are now ready to begin helping people navigate some of the biggest financial decisions of their lives.

"With the onus increasingly on individuals to manage their retirement savings and less than 10 percent of people receiving financial advice, it’s clear that advice is currently out of reach for many, either due to cost or a feeling that they don’t have enough saved to consider having an adviser.

"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."

Andy Briggs, CEO of Standard Life parent, Phoenix Group added: “This is a significant milestone for our Retail business and our desire to serve the needs of customers. We are opening up the world of advice to many for whom this was previously not an option, to help them better prepare for their retirement and make the most of their hard-earned savings to and through retirement."

Financial Lives 2024 survey
https://www.fca.org.uk/financial-lives/financial-lives-2024