10th February 2014

FundsNetwork removes all additional charges from its new pension

• Capped and flexible drawdown, divorce, overseas and transfer/exit fees removed
• FundsNetwork Pension now with just competitive and simple 0.25% Service Fee and £45 Investor Fee

FundsNetwork™ has removed all additional costs associated with the FundsNetwork Pension to make it even simpler and cost effective for advisers and their clients.

Advisers can now reassure their clients that they will not incur any additional fees when investing into the FundsNetwork Pension. The charge for the pension will be the standard 0.25% platform Service Fee per annum and a flat £45 Investor Fee. Advisers should also be aware that the Investor Fee is only payable on the pension if a client does not already pay this on any ISA or Collectives they have on FundsNetwork in a sole named account.

Costs that have been removed from the FundsNetwork Pension 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, comments: “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. This is great news for advisers and their clients and clearly demonstrates our continuing commitment to providing high quality and good value solutions to our customers.”

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Pensions, Retirement