Savings and retirement provider Phoenix Wealth is to cap charges on some of its pension products from March.

The cap will apply to The Personal Pension, The Executive Pension, The Section 32 and The Retirement Wealth Account (non-self-invested) products from 1 March 2022.

The total policy annual charge will be capped at £235 or not more than 0.5% of policy value, whichever is lower.

The charge cap will increase annually in line with the Average Weekly Earnings Index. The total percentage will remain capped at a maximum of 0.5% of policy value.

Phoenix claims to be the UK’s largest long-term savings and retirement business, with £300bn of assets under administration and around 13m customers.

Phoenix’s illiquid portfolio has a strong focus on sustainable. In addition to its equity release mortgage portfolio, its illiquid portfolio comprises private placements, UK local authority loans, commercial real estate and infrastructure debt.

Phoenix has made several acquisitions over the past year.

Standard Life Aberdeen sold its Standard Life brand to Phoenix Group in February 2021 as part of a branding review of all its businesses.