Ongoing charges for some scheme members will be suspended over the next 12 months Phoenix Group has confirmed.
In its first annual governance report, the independent governance committee (IGC) found 21 out of 44 scheme designs where members were likely to pay more than 1.5% per annum.
Phoenix Group said members would not be charged over the next year if the member nor their employer was paying into the pension and if the member was less than 54.
Charges would be waived for members with pots of £5,000 or less and for those members in schemes where the limit was £10,000.
Phoenix's IGC chairman David Hare said: "The committee has taken a wide-ranging approach to assessing value for money, looking not just at what charges apply to customer pension pots, but also to what customers are getting in return. We are pleased that Phoenix has responded to our concerns and is temporarily stopping those charges that caused us most concern. We look forward to seeing what longer-term options they are able to offer."
The IGC also said it would continue to work with Phoenix Group to deliver value for money over the next 12 months.
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