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  • Defined Contribution

The People's Pension delays plans to cut fees for 4.7 million members

The People's Pension delays plans to cut fees for 4.7 million members
  • Hope William-Smith
  • Hope William-Smith
  • @h_williamsmith
  • 26 November 2019
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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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Partner Insight: What next for DC pensions?

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  • Defined Contribution
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TPP said one of the DWP’s four proposals to raise the levy would see its bill rise by 245% over three years
Master trusts liable for quarter of general levy costs despite holding only 2% of funds

Ten master trusts will pay at least 25% of the total general levy despite holding just 2% of assets, according to The People’s Pension (TPP).

  • Legislation
  • 03 December 2019
The paper includes guidance on maintaining good data, asset transitions, planning, and maintaining good data
PASA publishes master trust transition guidance

The Pensions Administration Standards Association (PASA) has published its first batch of guidance on defined contribution (DC) master trust transition, as further consolidation is expected.

  • Admin / Technology
  • 26 November 2019
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