Aegon has decided to overhaul the fees on its Aegon Retirement Choices in reaction to the Budget.
It has made the following changes for 'simplified charges' for One Retirement:
• A single annual One Retirement product charge of 0.30% for all assets under £250k.
• No product charge on assets of £250k and above, meaning the total annual product charge is capped at £750.
• Low minimum investment amounts of £200 for regular monthly premiums and £2,000 for single and transfer premiums.
• The changes will bring a £1,215 cap on the ARC platform and a £750 cap for One Retirement.
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The firm said that it wanted to amplify the new retirement flexibility created by the Budget.
Nick Dixon, investment director at Aegon, said: "The catalyst for this was the Budget, it was a complete game changer for pensions and overall savings and will encourage customers to consolidate their pension assets.
"Around 10% of our customers on ARC and One Retirement have £250,000 and above but we are seeking that opportunity in the market and expect that to increase going forwards quite significantly.
"For the advised platform space this is a unique move to set a cap on charges and Aegon has made the first move."
The changes will be available to all new customers from 3 May and is estimated to be available for existing consumers weeks after.
