Good news on pension exit fees
It appears there is good news on the horizon for up to 2 million pension savers. The UK Financial Conduct Authority (FCA) is looking at evidence that some major providers applied exit charges to people’s pensions without informing them. In some cases, this amounted to nearly 40% of the value of the fund.
They are looking to see if they followed the rules which say they have to inform customers of any exit fees being applied. This is good news for anyone who, in the last few years, has suffered from being in this position as they could be due compensation.