Scottish Widows removes all pension exit fees
Scottish Widows has removed early exit fees across its personal pension policies, following its decision in Spring last year to remove exit fees on its workplace pension policies.
All exit charges will be removed before the charge cap deadline of 31st March, when early exit charges will be capped at 1% of the value of a member’s pot.
Recent Hargreaves Lansdown research estimated that reducing the exit penalty cap to 0% would save investors a total of £50 million.
David Lascelles, retirement expert at Scottish Widows, said: “It’s only fair that people who have saved responsibly and diligently are allowed to access or move their funds without being charged to do so; that’s why we’ve gone one step further than the requirements and removed them altogether. This means our customers can make full use of pension freedoms, if they wish to do so, and not feel restricted in any way.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Santander
Santander to acquire TSB in £2.65bn deal
Bank Of England
Bank of England issues first-of-its-kind fine of £11.9m
Lloyds
Lloyds sets aside extra £4bn for high-LTI mortgage lending
Regulation
Lenders urged to prepare for court ruling on commissions as motor finance complaints surge
Financial Conduct Authority
FCA moves ahead with targeted support in 'transformational' advice reforms
Mortgages
FCA and PRA remove 15% LTI cap for mortgage lenders
