Old Mutual Wealth (OMW) is reducing exit charges on its legacy pension contracts, a month after the regulator announced it was investigating charges levied on clients by the firm and a number of its competitors.
OMW will reduce the charges paid by some 15% of its Heritage pension customers, the former Skandia life book, and cap them at 5% for all other customers aged over 55. The firm will also remove a policy fee that applies to certain legacy pension contracts when regular contributions are cancelled or reduced ahead of the selected retirement age. It said the changes followed its review of customer behaviour in the last year and are in line with findings from its new independent governance committee, which is due to publish its first report in April. It said plans for the changes predat...
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