Government announces scheme for financial regulator to cap ‘prohibitive’ charges levied on savers who wish to cash in pension potsThe government has announced plans to cap the “rip-off” exit charges levied on savers who opt to cash in their pension pots as a result of the pension freedoms introduced in April final year.[br]George Osborne said on Tuesday that the government will plot a duty on the financial regulator to cap “prohibitive exit fees, which can run into thousands of pounds and stop consumers from accessing their funds early.
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Source: theguardian.com