Aviva is scrapping the 0.5 per cent initial charge on its wrap for new and existing customers.
The move to scrap the initial charge has been made on a permanent basis and applies to regular and single premiums.
Aviva calculates that a typical saver investing £50,000 will save £250, while a regular premium saver investing £500 a month will save £30 a year over the life of their investments.
Head of individual pensions and platform Nicholas Burton says: “We think that this kind of transparency is important. It is a rarity to give existing customers the same changes in pricing structures that new customers are offered. Permanently removing the initial charge demonstrates that we take our commitment to existing customers seriously.”