It said the cut will deliver an average 3.2% reduction in charges for eligible customers.

Under the new standard pricing structure, a customer with assets of £500,000 would see their charge reduced by £450 over five years.

The rate cut is effective from 1 December and is Nucleus’s second price reduction in the last 18 months. In July 2022, the headline annual platform charge was cut from 35 to 33 basis points.

Nucleus said it reckoned its customers would save £5m in 2024 through the combined price reductions on top of £5m saved in the last 18 months.

Mike Regan, chief financial officer at Nucleus said: “As we build scale this allows us to invest more in our service, product and price. This latest price reduction increases our competitiveness, and more importantly, delivers an improved outcome for many of our customers, who collectively will have saved more than £10m by the end of next year.”

He said the company has invested more than £20m in its proposition, service and price in the last 18 months.

New Nucleus Wrap customer standard charging structure.

Last week Abrdn cut the fee on its Abrdn MPS and Abrdn Sustainable MPS ranges on the Wrap and Elevate platforms.

In September Nucleus completed its £242m acquisition of SIPP and SSAS provider Curtis Banks to create a retirement-focused adviser platform with approximately £80bn in Assets Under Management. Curtis Banks will eventually be rebranded under the Nucleus banner.