FCA to cap pension exit charges for those aged 55 and over
The FCA is to cap pension exit charges at 1% from 31st March 2017 for those aged 55 and over.
The FCA has announced it will introduce a 1% cap on early exit pension charges from 31st March 2017. From that date, customers who are aged 55 or over will not be charged more than 1% of their pension fund value to transfer or take their pension benefits.
Customers who are already aged 55 or over, or approaching that age, should take this into account, as well as all other relevant factors, if they need to make a decision on what to do with their pension before
31st March 2017.
