The regulator is to investigate claims that some retirees who use pensions freedom to access their savings will be hit with ‘rip-off' charges, according to the Daily Telegraph.
An investigation by the newspaper claims over-55s trying to utilise pensions freedom - which comes into force on Easter Monday - could be hit with charges of as much as £400 when using the new rules to get access to their pensions. The paper said some companies will charge “hundreds of pounds for basic services”. It explained some people will have to pay £400 to have their fund paid out in cash. People who just want to access part of their pension will be hit with fees of as much as £150 per withdrawal. It added some companies are limiting people to one such withdrawal a year. T...
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