The fee shake-up is part of a major relaunch of Bestinvest due in the spring.

As part of the changes the company will also lower charges for clients using its Financial Planners to review portfolios to encourage more to use Financial Planning services.

For SIPPs below £100,000 the SIPP admin fee of £100 will be dropped along with the initial calculation fee of £100.

The annuity purchase fees will also be axed as well as the £175 closure fee.

In all, nine ad hoc SIPP fees will be axed.

Online trading fees on shares will also be reduced from £7.50 to £4.95. There was no fee on trading funds.

Advice fees for one-off advice will also be reduced, the company said.

An “Investing for Your Goals” Financial Planning review will be reduced from £354 inc VAT to £295 inc VAT (where applicable). A Portfolio ‘Health Check’ review will be reduced from £594 inc VAT to £495 inc VAT (where applicable)

The company has also introduced a “free coaching service” for clients who want help from a qualified Financial Planner on achieving their investment goals.

Bestinvest annual accounts fees are 0.4% up to £250,000 on general accounts and 0.3% on SIPPs. For accounts of £250,000 to £500,000 the annual fee is 0.2%. For accounts of £500,000 to £1m the annual fee is 0.1%. Above £1m there are no account fees.

Annual fund charges range from 0.35% to 0.39% on the Smart range and 1.47% to 1.59% on the Expert range.