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Zurich cuts charges across platform

Zurich is merging the two top-tiers of its current platform charging structure, meaning assets up to £100,000 will now be charged at 0.35 per cent.

Currently assets up to £50,000 are charged at 0.45 per cent, while assets from £50,000 to £100,000 are charged at 0.325 per cent.

In addition, the platform is waiving its pension account fixed annual charge of £75 until the end of 2014.

The new charging structure will apply from July 14 and all charge reductions will apply to existing and new customers.

Zurich head of platform strategy Alistair Wilson says: “Making these platform fee reductions supports advisers and their customers looking to fully maximise the new limit of £15,000 and take advantage of the new price.

“It is important when applying a price reduction that all our customers benefit. We are delighted to be able to offer a straightforward pricing structure to them and we would echo the calls from the adviser community for simplicity on costs.

“The removal of the retirement account fee will make a big difference to advisers as they look to consolidate pension assets onto platform ahead of April 2015.”

Platforum head of adviser platform Freddie Findlater says: “The Budget has presented a huge opportunity to platforms to engage more with their users. A reduction in price appears to be a smart move by the group and our own research mirrors that of Zurich’s in the potential uplift that the NISA could provide.

“I think Zurich, and other platforms, have also recognised the potential to hold on to clients assets for longer through drawdown following the impact on annuity business and this could well have played a part in the price reduction.”

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