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Ascentric cuts drawdown fees following price review

Ascentric plans to reduce its ongoing administration charges on drawdown from £150 to £75. 

The platform will also remove the £150 fee to set up an additional drawdown agreement.

It says no date has been set to introduce the changes, although it is planned for implementation before next April and could be introduced before the end of the year. 

The platform cut its Sipp fees in June and announced it would be reviewing drawdown fees. 

Head of platform marketing Mike Morrow says: “I suspect we will not be the only firm to do this kind of thing in response to the budget.

“Although we have not yet set a timeframe for delivering the reductions we would like to introduce it before the end of the year.”


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