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ABI comments on capping early exit charges

Commenting on the capping of early exit charges at 1% of pensions, Association of British Insurers (ABI) Director of Long Term Savings Policy, Yvonne Braun said:

 “We note the 1% cap. The industry is strongly supportive of the pension freedoms and has worked hard to make them a success.  More than 8 out of 10 customers are unaffected by early exit charges. Where they do apply, most fees are 2% or less and would have been put in place many years ago."

Last updated 15/11/2016