Platform uses flat drawdown pricing

Platform uses flat drawdown pricing

Platform Interactive Investor has introduced a flat pricing structure in response to the pension reforms.

Flexible pension drawdown pricing is set at a yearly cost of £170 plus VAT with no set-up fees.

Investors wishing to move into drawdown can schedule regular payments up to twice a month.

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Customers can also add a self-invested personal pension to their account for a yearly administration fee of £80 plus VAT.

Adam Seale, Interactive Investor’s chief executive, said: “We are committed to clear, simple, flat-fee pricing: we do not see any reason to charge people more just because they are successful investors.

“Those who have been saving for their retirement should be safe in the knowledge that growth in their investments remains in their hands, rather than being eaten away by percentage fees.”

The platform’s assets under administration reached £2.85bn in March this year.

Adviser view

Mike Pendergast, director of Cheshire-based Zen Financial Services, said: “If a client is happy to manage their own investments then I can see the sense in having flat fees. The important thing is investments are managed properly.”