P1 Platform has announced a 50% reduction in its pension drawdown fee, cutting the monthly charge from £10 plus VAT to £5 plus VAT.
At the same time, the platform’s minimum account fee will drop from £5 to £2 per month.
The changes, effective from 1 December 2025, mean that accounts valued at £16,000 or less will now only be subject to the minimum fee, based on P1’s platform charge of 0.15%.
Chief executive James Priday said the move reflects P1’s commitment to helping advisers meet regulatory expectations under the FCA’s Consumer Duty.
“Although we are already a low-cost platform, we want to continue driving down costs where we can,” Priday said.
“Advisers across the country are under pressure to demonstrate ongoing suitability and cost efficiency, and we’re here to support them in doing so.”
He added: “By reducing our pension drawdown charge by 50%, we’re making flexible retirement planning more accessible and sustainable.
“And by reducing the account minimum, we’re making even the smallest accounts viable. This helps advisers bring smaller pots under their control.”
P1 Platform launches adviser tool to streamline investment process
The decision follows the FCA’s recent Retirement Income Advice Thematic Review, which emphasised the need for sustainable withdrawal strategies and better value for money.
“Lowering the minimum fee supports efficient management of smaller pension and Isa accounts at scale,” said Priday.
“That means firms can extend advice and investment services to a broader range of clients, especially those who may have been priced out of traditional advice models.”
P1’s most recent financial results showed continued growth, with annual revenue rising by 66% to £6.3m, profits up 76% to £651,000, and assets under management increasing by 65%.
“Our strap line is ‘Advice, not admin’ — helping advisers focus on what matters,” Priday said.
“But we live it too. We focus on efficiencies in our organisation so that we can sustainably drive costs down where possible.”
