The People's Pension delays plans to cut fees for 4.7 million members
The People’s Pension’s (TPP) plans to overhaul its charging structure have been delayed following system testing issues.
Speaking to Professional Pensions B&CE chief sales and marketing office Roy Porter said the organisation was working on resolving a problem that had surfaced during an initial testing period.
He said: "An issue surfaced during testing which we need to resolve before rolling this out to our 4.7 million members.
"We've communicated to our customers that there's a slight delay and we're working to get the benefit of lower rates to our members as soon as possible."
The four-million-member master trust, run by BC&E, announced it would abandon its flat-rate annual management charge of 0.5% earlier this year. A banded structure will replace the management charge, reducing fees as pot sizes grow.
Changes were expected to launch in September and reduce the fee revenue TPP receives from the annual management charge by 10%.
TPP did not confirm the expected length of the implementation's delay.
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