Retirement and protection specialist LV= has move to a tiered charging structure on its personal pension which will favour largers sums invested. Charges on the LV= Flexible Transition Account will be reduced for customers investing more than £100,000, the company says. A client investing £300,000 into an LV= pension would pay a total annual wrapper charge of £650 – saving £100 a year, says LV=. However charges on smaller pensions will rise. Overall charges on pensions worth £50,000 will rise from 0.25% to 0.3%. The changes were introduced from 3 February. New tiered charging structure Investment amount Old charge (0.25% to £1m – 0.1% over) New Charges £50,000 £125 0.30% £150 £100,000 £250 0.25% £250 £200,000 £500 0.23% £450 £300,000 £750 0.22% £650 £700,000 £1750 0.21% £1,450 £1,000,000* £2500 0.145% £1,450 *No charges are levied on investments amounts over £700,000. In this example using a £1m pension fund, 0.215% (£1,450) charge is applied to first £700,000 and none to remaining £300,000. The charge on the whole £1m pension is equivalent to 0.145% (£1,450). Source: LV= The new charges apply to contributions invested in LV=’s 220 insured funds, including passive and active funds. The fund range includes the LV= Smoothed Managed Funds, funds from five passive fund managers including Blackrock, Fidelity and Vanguard, discounted rates on a number of funds including the LGIM Multi Index Funds and a selection of ESG funds. Clive Bolton, managing director at LV= Savings and Retirement, said: “These changes are another example of how LV= is evolving to support mass-affluent customers in the post Pensions Freedoms market.Throughout 2020 we’ll be introducing a series of improvements as we continue to develop our range of pensions, investments and retirement products. “These latest changes make the LV= more competitive, particularly for those with pension funds above £100,000.”