Fidelity has released further details of its FundsNetwork pension to be launched in September.
There will be no set-up or administration charges with an annual service fee of 0.25 per cent plus £45 annual fee. The annual fee does not apply if a client already has other investments on the platform.
The pension is RDR-ready with access to over 1,700 clean share classes from 85 different providers.
The minimum investment is £200 per month or a £1,000 single premium and transfer-in pensions valued at £10,000 or more.
Adviser initial fees are taken on the gross amount and can apply to single, regular and transfers contribution types. They can be either a percentage or a fixed monetary amount.
For tax relief on personal contributions where the adviser initial fee is requested as a percentage, this will apply in two stages; first on the net contribution amount immediately after the funds are cleared and the rest when the tax relief has been received from HMRC.
{desktop}{/desktop}{mobile}{/mobile}
Ongoing adviser fees will be deducted on a monthly basis and can be set up online or on an application form. Adviser specified fees can only be taken as a monetary amount and can only be set up online.
FundsNetwork will be holding pension seminars with advisers to explain what the new pension is all about. Sessions will last 1.5 hours and take place in Aberdeen, Belfast, Bolton, Brighton, Bristol, Cardiff, Chelmsford, Cheltenham, Chester, Durham, Edinburgh, Exeter, Gatwick, Glasgow, Ipswich, Kendal, Leeds, Leicester, Liverpool, Manchester, New Forest, Newmarket, Norwich, Nottingham, Perth, Reading, Solihull, St Albans, Tunbridge Wells, Watford, Weybridge and Wolverhampton.
For more details click here https://www.fidelity.co.uk/adviserservices/in-focus/user-forum/locations.page