The provider says regular annual fees will be removed for all new and existing customers from January next year.
Currently savers pay £12 a quarter for Axa’s Pension Investment Account and £20 a quarter for its income drawdown services.
Axa Wealth managing director of business development and proposition David Thompson says the decision is a reaction to this year’s Budget and the expected increase in popularity of platforms for managing pension savings.
He says: “Removing these charges from January will help advisers and their clients take advantage of the flexibility offered by the new pension rules. It also forms part of our focus on transparency, simplicity and clarity in our charges to make investing easier for all.
”We expect the pension changes coming into force in the next financial year to accelerate flows onto platforms. Platforms allow for wealth to be spread easily over multiple tax wrappers, offering flexible ways of retrieving income and a place to store and invest money.”
Thompson adds Axa is to launch a new flexible drawdown offering through the Elevate platform.