Aegon has revealed details of the pared-back fund range to be made available its One Retirement platform.
The provider announced in April it was introducing charge caps on both its One Retirement and Retirement Choices platforms.
From May 3 there is no charge on assets over £250,000 on both platforms. It means charges on One Retirement platform will effectively be capped at £750 annually while Retirement Choices investment platform charges will be capped at £1,215.
It also said it would be reducing the size of its fund range available on One Retirement.
The new range includes 98 funds from a variety of managers including Aegon insured funds. The five external managers are Henderson Global Investors, Kames Capital, Old Mutual Global Investors, Schroders and Threadneedle Investments.
It launched yesterday with 62 funds with the rest to be added shortly, include a new Aegon High Income fund due to launch later this month.
Existing clients can remain in their current fund choices, but new clients and investment instructions for existing clients are restricted to the new reduced range.
Aegon investment director Nick Dixon says: “Simplicity is at the heart of One Retirement. This fund range aims to help savers find the right funds faster by including only the very best pension funds in the market.
“The inclusion of our highly regarded risk target funds reinforces our drive to make retirement saving straightforward and lets advisers focus on advice.”
Aegon recently launched its D2C platform Retiready.