Pension exit fee cap confirmed at 1% by regulator

Pension exit fee cap confirmed at 1% by regulator
 

Early exit charges for people taking money out of their pension pots will be capped at 1%, the financial regulator has confirmed.
The new rules will affect anyone taking money out of a defined contribution scheme from 1 April 2017.
The Financial Conduct Authority (FCA) said providers who already charge less than 1% will not be allowed to raise their fees.
Those taking out new pension contracts will face no early exit charge at all.
"People eligible for the government's pension reforms should feel able to access them as they wish," said Christopher Woolard, executive director of... read more

 
15 November 2016 in Business, Views: 41
Source: BBC
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