Standard Life has today launched a flat fee financial advice business specialising in pensions that it claims will, “open up the world of advice.”

Known as Standard Life Financial Advice, it has launched with 10 advisers.

Customers will be charged a single flat fee of £1,000 for the advice and offered an optional annual review costing £500 a time.

The advisers will target Standard Life clients aged 54 years and nine months or older and with a minimum of £50,000 saved in a DC pension pot.

The Phoenix-owned firm claimed the new business will offer an, "affordable retirement savings advice service" for customers.

Andy Briggs, CEO of Standard Life parent, Phoenix Group said: “We are opening up the world of advice to many for whom this was previously not an option.”

The company said the service will help 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.

The firm said it will expand its adviser team to meet future demand but added that, “the addition of Standard Life Financial Advice will complement the work of the established adviser community.”

Standard Life Financial Advice Services Ltd will be led by CEO Damian Cheater, who said it, “aims to fill a crucial gap for those who would not ordinarily seek traditional advice but need tailored support to maximise their options as they plan for retirement.”

He added: “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.”

Phoenix Group acquired Standard Life Assurance from Standard Life Aberdeen for £2.9bn in 2018.

The new business is unrelated to Aberdeen Financial Planning which was set up as part of Standard Life plc in 2015 and had around 150 advisers.

That business was sold to Financial Planning firm Ascot Lloyd for an undisclosed sum in August.