Old Mutual Wealth caps pension exit fees at 1%

FCA to cap penalties from March 2017

Jenna Towler
clock • 1 min read

Old Mutual Wealth is to bring its pension exit fees attached to older style contracts down to 1% for all customers aged over 55.

The Financial Conduct Authority and Department for Work and Pensions are currently running consultations on plans to make a cap of 1% of the value of the pension pot applicable to all over 55s looking to access pension freedom. The cap is due to come into effect in March next year. Old Mutual Wealth said it backed the move and would implement changes before any official deadlines. Its cap for all applicable personal and occupational pensions will come in during the fourth quarter of the year. The provider currently has about 3,400 customers aged 55 or over in older-style pension contr...

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