Old Mutual Wealth scraps drawdown fee and minimum investment charge

Currently the drawdown fee is set at £58.20 per annum. The platform said the cut will benefit around 8,000 of its customers currently in drawdown. The current minimum charge on investments, £8.33 per month for investments below £20,000, will also be scrapped as part of the overhaul. The changes will come into effect on 1 January 2015, as the group responds to pension changes announced in the latest Budget, set to come into effect next April. Tom Hawkins, head of financial solutions, said: "By removing our drawdown fee and the current minimum charge on the platform our customers will...