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Pension transfers and early exit charges under the microscope

11 August 2015
Issue: 4513 / Categories: News

The government is consulting on capping pension fees faced by savers. 

The Treasury has launched a consultation into pension transfers early exit charges and the accessibility of financial advice when making transfers from pension savings.
It will look at how to remove barriers and will investigate: 
  • options to address excessive charges for early exit penalties. This includes the possibility of imposing a legislative cap on these charges for people aged 55 or over;
  • how to improve the process for transferring pensions from one scheme to another; and
  • how to ensure there is greater clarity on the circumstances when someone should seek financial advice.
The economic secretary to the Treasury Harriett Baldwin and the minister for pensions Ros Altmann have written to the Financial Conduct Authority and The Pensions Regulator asking them to gather information from the industry on...

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