Pensions Exit Charges To Be Kept

September 05, 2016

Wills and Probate

Pensions Exit Charges To Be Kept

Exit penalties for savers wishing to exercise pension freedoms should be capped at 1% of the value of their fund says the Financial Conduct Authority (FCA) in a consultation document.  The cap would apply to personal, stakeholder and self-invested personal pensions.  It would apply to existing contracts if an exit penalty is applied, but only to people aged 55 and over. New contracts will have a zero cap.  

The consultation period ended on 16th August 2016.  

posted by Frank Collingwood | September 05 2016