Call: 0800 011 3797

Call: 0800 011 3797

Webchat

Caps on early exit charges are confirmed

Last week, the FCA announced that a cap on early exit charges from pension policies which will be introduced from 31st March 2017. The key points to note are:

  • The cap is that the exit charge cannot be more than 1% of the value of the policy
  • It only applies if you are age 55 or over
  • The announcement is in respect of pension policies but it is expected to apply to pension schemes as well later in 2017; we await the announcement on this
  • You may still have an adjustment to the value of your pension pot due to investment fluctuations (a Market Value Adjustment); this applies on with profits pension policies typically
  • Any new pension arrangements taken out after March 2017 will not be allowed to apply exit charges

For more details on how early exit charges work and how they may affect you, please read our new Spotlight document here.

Or, for more help and guidance with your pension please contact our team directly on 0300 123 1047 (Monday- Friday 9:00am-5:00pm). 

We never contact our customers out of the blue

We're all ears

How do you feel about the help you just received?

We would really appreciate a few minutes of your time.
Your feedback helps us create a better experience for you.

×
Your details Hi there, start a chat with online support now
These sessions are recorded for training and quality monitoring purposes. You will also have the opportunity to download a transcript of the the conversation for your records upon connection

Please do not refresh your browser during this chat session. This will cause your session to end.
    Click here to download the chat transcript
    Webchat
    Webchat is not working properly. Sorry for the inconvenience.