Penalty for late with-profits retirement - papers 16th August

Evidence presented by IFA firm SG Hambros suggests an MVA or exit penalty worth as much as 18% of an NU pension is being imposed on policyholders whose pensions have been under management with the firms since 1998. Policyholders at Standard Life are reportedly being charged an MVA of 6% to 15% on regular-premium pensions and up to 23% on single-premium pensions, even if the retirement date - the contractual maturity date - has passed. LAUNCH of the upcoming pensions bill will have “dire consequences for UK employers and corporate activity”, the NAPF is quoted as saying to the Scotsman...