The P1 Platform has announced a significant reduction in its pension drawdown charges, lowering the monthly drawdown fee from £10 + VAT to £5 + VAT. At the same time, the platform’s minimum account fee has been cut from £5 to £2 per month, meaning that with its 0.15% platform charge, accounts of £16,000 or less will only be subject to the minimum account fee going forward.
The changes will apply automatically to all accounts from 1st December 2025 and reflect P1’s ongoing commitment to delivering cost-effective but high-value solutions to UK financial advisers and their clients.
James Priday, CEO of P1 Platform, commented:
“Although we are already a low-cost platform, we want to continue driving down costs where we can. Advisers across the country are under pressure to demonstrate ongoing suitability and cost efficiency in line with the FCA’s Consumer Duty and we’re here to support them in doing so.”
“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.”
“Our platform exists to let advisers focus on advice, not admin. Our clear focus it to continue being voted number one by advisers for important factors such as service level and reporting, while helping their clients save money.”
Supporting retirement income planning
The move comes shortly after the FCA’s Retirement Income Advice Thematic Review, which emphasised the importance of sustainable withdrawal strategies, value for money, and improved client outcomes.
Lowering the minimum monthly platform fee supports more efficient management of smaller pension and ISA accounts at scale, enabling firms to extend advice and investment services to a broader range of clients. In doing so, it aligns with the industry’s move toward more inclusive, technology-enabled models designed to close the advice gap by reaching those who were previously priced out of traditional financial advice.
Profitable platform reducing costs
P1 Investment Services, the provider of the P1 Platform, has seen rapid adoption in recent years, announcing 66% growth in annual revenue to £6.3m, 76% growth in profits to £651k, and 65% growth in AUM in its last financial year.
Priday adds,
“Our strap line is Advice, not admin – helping advisers focus on what matters. But we live it too. We focus on efficiencies in our organisation so that we can sustainably drive costs down where possible.”
