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Alliance Trust Savings scraps drawdown set-up fees

Alliance Trust Savings is scrapping all set-up fees on drawdown from 6 April, the platform provider has confirmed.

It previously charged set-up fees of up to £250.

The platform is also introducing an annual flat fee of £276 for all types of drawdown from January 2016.

There will be no fee for being in drawdown between 6 April, when the Government’s pension freedoms come into effect, and January 2016.

ATS managing director Patrick Mill says: “A flat fee can offer even a client who has saved modestly for their retirement a significant saving against the percentage-based option.”

ATS has also confirmed it plans to support the uncrystallised funds pension lump sums option and is hoping to have this ready for April. 

It says ad-hoc payments of UFPLS will incur a small charge. Clients which only take UFPLS on an ad-hoc basis will not incur any drawdown-related annual fee.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Headline is wrong they are introducing another different fee and scrapping an old one – Why not say Alliance replacing a % fee with a fixed fee. So large pension holders will benefit but most Alliance users will pay more than they do now.

  2. It had to come…. watch this space with all the other providers.

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