The move comes days after Skandia announced it had also reduced the charges on the QROPS it offers in partnership with Concept, Aurora Quantum.
The new Libertai charges are an establishment charge of £750 and annual administration fee of £995.
Both were previously £1,500. They remain more expensive than the joint Skandia product, however, for which the annual fee is now £845 and set-up cost £645.
Concept and Skandia reducing their fees comes a week after their main rival for mass market QROPS business, Close, slashed its own fees to what were – for a brief period – thought to be the lowest available.
These stand at £1,000 for the annual administration and £750 for the establishment charge.
Concept and Skandia have also added a pricing feature in which the spouse of an existing Aurora Quantum or Libertai client would pay a fixed fee of £500 each for the establishment and annual fees.
Roger Berry, managing director for Concept Group, said: “Although priced slightly higher than Aurora Quantum, the fixed fees we offer for Libertai make it extremely attractive to other bond providers as well as other financial institutions such as banks, stock broking firms and investment houses.”
