The Personal Accounts Delivery Authority (PADA) has issued a response to its consultation on charging structures.
The report does not recommend any particular charging structure but gives a summary of the responses received.
There was no consistent response on the appropriate charging structure for personal accounts. Most respondents favoured either:
- an annual management charge-only structure;
- a combination of a contribution charge with an annual management charge structure.
PADA will use the responses to the consultation to assist it in making a recommendation to the Secretary of State for Work and Pensions on the most appropriate charging structure for personal accounts.