Fidelity FundsNetwork has scrapped the additional charges on its pension offering, leaving a standard 0.25% platform fee and a £45 investor fee.
The FundsNetwork SIPP, which launched in September, will only charge the investor fee if a client does not already pay this on any ISA or collectives they have on FundsNetwork in a sole named account.
The costs which have been scrapped include:
- £100 capped drawdown
- £300 flexible drawdown
- £250 overseas charge
- £150 pension sharing order charge
- £75 transfer/exit
FundsNetwork head of sales Paul Richards said: "Our decision to remove all additional charges with immediate effect means that whether clients are in the accumulation phase or the decumulation phase and whether or not their circumstances change, they will only pay the standard, flat rate, fees.
"We have simplified what was already a very straightforward pricing structure and made it easier for advisers to compare pension products available via platforms."
The SIPP launched in September is in addition to the platform's existing pension offering from Standard Life.
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