HM Treasury has published a consultation on pension transfers and early exit charges.
Following the Government’s pension reforms which, as of April 2015, have allowed pensioners over 55 to access their pensions flexibly, HM Treasury’s consultation:
- considers the issues around early exit charges, to ensure that people are not facing unjustifiable charges when moving scheme or accessing their pension savings flexibly within their scheme as part of the new freedoms;
- seeks views on how the process for transferring pensions from one scheme to another could be made quicker and smoother; and
- explores issues and concerns in relation to the provision and need for financial advice when making certain transfers.
The deadline for comments on the consultation paper is 21 October 2015. HM Treasury intends to publish a response in autumn 2015. Alongside the consultation the FCA and the Pensions Regulator are also carrying out a comprehensive evidence gathering exercise.
View Pension transfers and early exit charges: consultation, 30 July 2015