January 23, 2014 / 11:27 AM / 4 years ago

UK pension fund charge cap to be delayed - govt minister

LONDON, Jan 23 (Reuters) - A planned cap on the fee charged by pension fund providers to British savers will be delayed a year until April 2015, pensions minister Steve Webb told a conference on Thursday.

Webb told a conference organised by the Confederation of British Industry that the delay would help companies focus on completing a programme of auto-enrollment of workers at 30,000 companies into pensions during 2014.

The cap was due to come into force in early 2014, after being announced in October last year, but Webb said the government had decided the timeframe involved was too short.

“Changing the rules at 12 weeks notice... didn’t quite stack up. That’s why the changes that we will make will be in April 2015,” he said.

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