We’ve introduced a 1% cap on pension exit charges

Great news for pension customers with higher exit charges.

If you’re 55 or over, we won’t charge you more than 1% of your pension’s fund value to transfer your pension or take your benefits, from 19 January 2017.

The cap applies to defined contribution (also known as money purchase) pensions and has been introduced to make it easier for customers over 55 to take advantage of the pension freedoms, which were introduced in 2015.

You can find out more about your retirement options, including the new pension freedoms options, by visiting this page.