From 1 October 2017 the Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2017 (“the 2017 Regulations”) introduce restrictions on early exit charges for those aged 55 and over and who are eligible to access the pension freedoms. The 2017 Regulations amend the Occupational Pension Schemes (Charges and Governance) Regulations 2015 to reflect these new restrictions.
The amendments made by the 2017 Regulations also provide for the Secretary of State to issue statutory guidance on how the value of the member’s benefits is calculated for the purposes of calculating the level of an early exit charge.
This statutory guidance is attached to this page.
We published a consultation on capping early exit charges in April 2017.