Zurich has announced it will be reducing its platform charges – citing the Budget changes to ISAs and pensions as a key reason.
The provider has reported that it is cutting the number of charging tiers on the platform from five to four and lowering its starting charge from 0.45% to 0.35% per annum.
The company said that the change means a price reduction for every investor regardless of the size of their investment.
In a statement, it said: "For example, a customer with less than £50,000 invested will benefit from a reduction of almost a quarter of their ongoing platform cost.
"Zurich is also waiving the annual fee that applies to retirement accounts for the remainder of 2014 to help advisers as they look to consolidate pension assets onto platform ahead of April 2015."
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The reduced platform fees come off the back of recent adviser research commissioned by Zurich which reported that the majority of adviser respondents (73%) expected an increase in ISA savings over the next five
years - compared to just 27% who envisage a similar increase in pensions savings.
The majority of respondents also believed that the changes would have a positive impact on consumer attitudes towards long terms savings for their future.
Alistair Wilson, head of retail platform strategy, said: "We welcome the changes to ISAs and pensions and expect them to widen their appeal to a broader range of customers.
"Making these platform fee reductions supports advisers and their customers looking to fully maximise the new limit of £15,000 and take advantage of the new price.
"It is important when applying a price reduction that all our customers benefit.
"We are delighted to be able to offer a straightforward pricing structure to them and we would echo the calls from the adviser community for simplicity on costs.
"The removal of the retirement account fee will make a big difference to advisers as they look to consolidate pension assets onto platform ahead of April 2015."