Property News · May 26, 2016

Pension exit charges to be capped at 1% under FCA proposals


Regulator wants to limit charges for people cashing in pots before retirement age, and ban exit fees in future pension contractsThe Financial Conduct Authority has proposed a 1% cap on exit charges for people cashing in their pensions before retirement age along with a ban on exit fees in future pension contracts.Britain’s financial watchdog is taking action after the chancellor, George Osborne, pledged in January to tackle the “rip-off” charges levied on people aged 55 and over who want to make use of the pension freedoms introduced in April last year. The charges can run into thousands of pounds. Continue reading…

Source : theguardian.com
Read more…Pension exit charges to be capped at 1% under FCA proposals

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