Govt to consider pensions freedom early exit charge cap

The government is to examine whether savers looking to take advantage of the pension 'freedoms' introduced in April face "excessive" early exit charges.

A consultation set to be published next month will look into whether high exit fees are being charged to individuals seeking to access their pots "and if so options to deal with them", the Chancellor George Osborne announced on 17 June. Additionally, Osborne said the Financial Conduct Authority would look into the barriers individuals face when looking to switch pension provider. The FCA will "carry out an information gathering exercise to develop the evidence base on the nature and scale of the problems facing individuals who want to transfer to a different pension provider, includin...