Retirement solutions provider LV= has cut charges on its Flexible Transitions Account as it seeks to be more competitive.
The provider will charge 0.55% on the first £75,000, 0.35% on anything between £75,001 and £1m and 0.1% on assets in excess of £1m. It says the three-tiered system wil also make the product easier to advise on.
It adds the new pricing will also be applied retrospectively to current account holders.
Ray Chinn, head of pensions for LV=, says: "This pricing change will benefit the vast majority of customers looking to invest in a modern, flexible SIPP product."
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