Pension exit charge cap set for March 2017

The Chancellor announced plans for a cap on early exit fees last month and tasked the Financial Conduct Authority (FCA) with overseeing the policy. George Osborne said anyone who wanted to utilise pension freedom reforms would no longer face "prohibitive" exit fees when transferring out of old schemes. In its response to the Pension transfers and early exit charges consultation, the government said the FCA would set out its next steps shortly with a March 2017 implementation target. It added: "The Pensions Regulator will work alongside the FCA as they develop the design and level o...