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exit fees 1 per cent

Yvonne BraunResponding to today's proposal from the FCA that early exit charges for consumers wishing to use the pension freedoms be capped at 1% of the value of a customer's pot, Yvonne Braun, Director of Long-term Savings and Protection at the ABI, said:

“More than eight out of ten customers do not have to pay early exit charges to access their pensions, as the FCA has acknowledged. Where they do, most fees are 2% or less and were put in place decades before the Freedom & Choice reforms were introduced. The ABI will engage closely with Government and the FCA on the consultations."

Last updated 01/07/2016