Zurich is making a play for the retirement market by more than halving its platform prices for larger portfolios, the company has announced.
The percentage charged to investors with portfolios valued at more than £1m is cut dramatically from 0.22% to just 1%.
And the entry-level for the top tier is being cut from £1m to £500,000 so that investors between those two figures will see a larger reduction, from 0.27% down to that 1% figure.
The new rates are likely to prove attractive to investors who look to take advantage of pensions freedoms to combine their savings into one fund.
He said” “With annuities in decline, consumers are increasingly consolidating their defined contribution pots as they look for a single and more easily manageable income.
“This trend is likely to continue as more affluent baby boomers move into retirement.”
He added: “We are significantly lowering our platform fees for higher investments to ensure we are well-placed to meet this demand and drive greater value for consumers.”