Consultation outcome

Capping early exit charges for members of occupational pension schemes

This consultation has concluded

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Detail of outcome

We published the government response to this consultation on 15 November 2016.

We received a total of 28 responses from a variety of pension schemes and representative bodies.

Original consultation

This consultation ran from to

Summary

This consultation seeks views on government plans to cap early exit charges in occupational pension schemes that contain flexible benefits.

Documents

Capping early exit charges for members of occupational pension schemes

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Impact assessment: Introducing a cap on early exit charges in trust-based occupational pension schemes

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Regulatory Policy Committee opinion: Introducing a cap on early exit charges in trust-based occupational pension schemes

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Consultation description

The pension freedoms introduced in April 2015 gave people with defined contribution pensions more options and flexibility about how they fund their retirement. Early exit charges can deter people from exercising these freedoms.

This consultation builds on the government’s earlier consultation on Pension transfers and early exit charges (July 2015) and considers what action is required to ensure equality of treatment for members of occupational pension schemes.

The consultation is aimed at:

  • pensions industry bodies and professionals
  • trustees and scheme managers
  • pension scheme members and beneficiaries
  • employers and representative organisations