The cuts mean the custody charge on assets between £500,000 and £1m will be lowered from 0.2% to 0.175% from this month.

Some platform tier charges will remain the same, for example the charges on assets up to £500,000 and between £1m and £1.5m will remain at 0.15%.

Interest paid on cash will rise across all amounts, with cash of up to £10,000 rising from 2.4% interest to 2.6%.

Two SIPP charges will be removed: the SIPP in-specie transfer-in charge (currently £60 + VAT) and the conversion of a SIPP into a Retirement Investment Account (currently £75 + VAT).

The annual custody charge is now capped for all accounts with assets over £2m. There is no custody charge for cash.

The company says the changes add further value for advised clients.

Details of the changes from 1 April 2024:

Annual custody charges: 

• A new tier from £0.5m to £1.0m is being introduced with a lower annual charge of 0.175% (currently 0.20%)
• The annual charge for assets between £1.5m and £2.0m is being reduced to 0.075% (currently 0.10%)
• The annual charge is now capped for all accounts with assets over £2.0m 

 Source: AJ Bell

Fixed charges: Two fixed charges are being removed:

• SIPP in-specie transfer-in charge (currently £60 + VAT)
• Conversion of a SIPP into a Retirement Investment Account (currently £75 + VAT)

Interest rates: Effective from 1 April, interest on all cash balances was increased to:

• £0 to £10,000 – 2.60% (previously 2.4%)
• £10,000 to £50,000 – 2.70% (previously 2.5%)
• More than £50,000 – 3.40% (previously 3.15%)

Source: AJ Bell

Mark Rendle, AJ Bell Investcentre product director, said: "These changes will help advisers to feel confident they are getting the best service available to help them support their clients as well as enhance our competitive position as one of the largest advised platforms on the market."

• AJ Bell has also revamped its tech hub to provide advisers with more up to date information on pension changes, including the Lifetime Allowance and other changes.