QROPS transfers to get cheaper
It has just become more straightforward for those looking to transfer their pensions into a QROPS in France, with many pension providers promising to drastically reduce their exit charges in the wake of comments from Chancellor George Osborne saying he will introduce legislation to cap costs.
This comes in the wake of concerns that some savers have been discouraged from making the most of flexible pensions access because of exit charges of between 5% and 10%.
Osbourne commented, “The government will not allow financial firms to rip off customers who have spent their working lives saving hard for retirement.”