FINALLY! Rip-off charges to access pension cash to be capped
Excessive so-called early exit charges from some providers have been acting as a barrier to over 55s wanting to make the most of pension reforms introduced last year.
But from March 31, 2017, pension firms will not be able to levy more than one per cent of the pot's value in fees, while charges already below the cap will not be allowed to increase after this date.
Savers who enter personal pension schemes from April next year will not be subject to any charges at all.
However, critics said all charges should be completely scrapped.
Tom Selby, senior analyst at AJ Bell, said: "The cap... read more
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