Xafinity has reduced the fees on its self-invested personal pension product after making improvements on its technology.
The set up fee of the SimplySipp has been cut from £150 to £95 for online applications, while the annual member fee has been reduced from £250 to £190 for the single investment version.
The annual member fee for a two investment SimplySipp has fallen from £299 to £240.
The Sipp and Ssas provider, which is part of XPS Pensions Group, has cited "technological advancements" as the reason for the fee cuts, with the firm now offering an online application process.
The new pricing structure is available to both new and existing customers.
Jeff Steedman, head of business development for Sipp/Ssas at Xafinity, said: "We strive to make our Sipp offering more accessible and cost effective for clients while maintaining the same levels of personal service and upgrading the technology that our clients increasingly rely on.
"Reducing the ongoing annual management fee as well as the initial set up fee means we can offer the best value to all of our existing clients as well as new clients."
Andy Bowsher, director of self-invested pensions at Xafinity, said unlike some others, the company had not been impacted by bad news around unregulated assets.
But he felt the market in general was more subdued in terms of product development and pricing than it had been a few years back.
He said: "Our ‘full Sipp’ credentials and technical capability remain absolutely at our core, alongside a personal service ethic that means advisers and clients get to speak directly with their personal administrator.
"I feel very fortunate to have a clean Sipp business that enables us to forward focus."
Patrick Connolly, chartered financial planner at Chase de Vere, said: "This is a positive move and reflects the competition amongst Sipp providers.
"Those providers hoping to grow or protect their market share must embrace technology to ensure they offer flexibility and high service levels for their customers.
"Many providers will also need to compete on cost, although there is still a degree of inertia where advisers and consumers give more priority to companies they trust and which provide them with a good service."
