Consumers using a Sipp for flexible drawdown have another option after Skandia enhanced the flexible drawdown facility on its collective retirement account.
The flexible drawdown facility will now accept flexible drawdown transfers from other registered pension schemes.
Previously flexible drawdown was mainly available via a Sipp provider. However, as more consumers use flexible drawdown there are more options becoming available to them.
Skandia acknowledged consumers who were using a Sipp had a wider investment choice available to them but said there were benefits to a platform pension.
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It said: "Unless they are fully utilising these investment choices, they may benefit from moving to a platform pension investing in a portfolio of collectives. Reviewing suitability of contracts in a wider marketplace than that which existed when the original decision was made could create significant long-term cost savings and therefore benefits for clients."
Skandia charges £57.20 per annum for its drawdown facility in addition to normal platform fees.
Adrian Walker, pension expert at Skandia, said it had already seen demand for its drawdown business.
He said: "As the flexible drawdown has developed, alternative fee structures have become available which should inform the advice review process for any client with such investments. Delivering a cost-effective solution will mean that clients can benefit from lower on-going charges on pension savings.
"We have already seen significant demand for flexible drawdown business on our platform and I'm confident that now being able to accept flexible drawdown transfer business to our product will accelerate that demand."