Pensions - Articles - AXA Wealth drops platform pension and drawdown charges

 AXA Wealth has announced it will remove the regular charges on both its Pension Investment Account and drawdown services available via the Elevate platform.

 The charges will be removed for all new and existing customers from January 2015 as part of AXA Wealth’s response to the changing pensions landscape.

 David Thompson, managing director of business development and proposition, AXA Wealth, said: “The changes introduced at the Budget have altered the pensions landscape dramatically. But despite the changes, advisers and their clients still fundamentally want to keep control over and grow their investments and generate a dependable income in retirement. 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 want to support advisers in the conversations they are having with their clients around managing their wealth and how best to provide the required income in retirement. 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.

 “As part of our response to the pension changes we are also set to launch a new flexible drawdown service via the Elevate platform, which will form part of the online income options we already provide through the Elevate Pension Investment Account.”