Tuesday, 11 February 2014 07:48
FundsNetwork pension fees scrapped
A range of fees costing clients up to £300 each have been axed from the FundsNetwork pension in a move to simplify its structure.
Charges on capped and flexible drawdown, divorce, overseas, transfer and exit have been removed with a new basic 0.25% service fee and £45 investor fee introduced instead.
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FundsNetwork, an investment services platform, is owned by Fidelity Worldwide Investment.
The scrapped costs include:
Capped drawdown - £100
Flexible drawdown - £300
Overseas charge - £250
Pension sharing order charge - £150
Transfer/exit - £75
Paul Richards, head of sales at FundsNetwork, 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."
Charges on capped and flexible drawdown, divorce, overseas, transfer and exit have been removed with a new basic 0.25% service fee and £45 investor fee introduced instead.
{desktop}{/desktop}{mobile}{/mobile}
FundsNetwork, an investment services platform, is owned by Fidelity Worldwide Investment.
The scrapped costs include:
Capped drawdown - £100
Flexible drawdown - £300
Overseas charge - £250
Pension sharing order charge - £150
Transfer/exit - £75
Paul Richards, head of sales at FundsNetwork, 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."
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