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New UK exit fee cap to apply equally to work-based plans.

New UK exit fee cap to apply equally to work-based plans.

The UK pensions minister Ros Altmann says the new powers handed to the Financial Conduct Authority to cap exit fees on savers seeking access to their pension pots will apply equally to occupational and work-based personal schemes. On Tuesday chancellor George Osborne announced plans to introduce legislation to give the FCA the power and responsibility for capping early exit charges in response to the rising tide of complaints from the public, and to newspaper campaigns that have been run in the UK, claiming the fees were excessive. Please link to International Adviser to read the full article by Richard Hubbard.

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