Aegon is lowering the annual charge on its online personal pension platform for new clients.
From today (June 18) until November 30, Aegon has cut its annual platform charge on One Retirement from 0.30 per cent to 0.15 per cent.
The charge reduction will be available to new clients and will be in place for the life of their policy.
Aegon has also stated that the charge cap on assets above £250,000 will continue to apply.
This means no individual will pay more than £375 in platform administration charges, however additional charges such as fund costs and a drawdown charge will continue to apply.
One Retirement is aimed at advisers with clients looking for a straightforward and easy to use pension product.
The service enables clients to move between accumulation and decumulation online, with no requirement for signatures.
Ronnie Taylor, chief distribution officer at Aegon, said: "There’s a great deal of choice for advisers when it comes to selecting pensions for their clients and many services offer a large array of tools and access to thousands of investments, which not everyone will need.
"For those with more straightforward needs, the combination of online access, a fund range that focuses on easy-to-use fund solutions, and intuitive tools, makes One Retirement an attractive option.
"There’s an increasing trend towards phasing into retirement, with more and more people gradually reducing their working hours and starting to access their pension while still in employment. The online drawdown capability of One Retirement can be used to support clients with this in mind and help make the most of this ‘pre-retirement’ phase of life."
amy.austin@ft.com
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