Does the 1% cap on early pension exit fees go far enough?

The new cap, announced in a consultation paper released on 26 May, will affect personal and stakeholder pensions - both individual and workplace - as well as self-invested personal pensions, for those over the age of 55. The legislation was first announced by the Chancellor in January after a Treasury review into pension freedoms revealed the charges were a barrier to access for many consumers. The regulator estimated about 747,000 people could be affected by the cap and there could be about 37,400 additional early exits in the four years to 2020 under the current proposals. Howeve...