Pensions

HM Treasury written question – answered on 30th June 2015.

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Photo of Stephen Timms Stephen Timms Shadow Minister (Work and Pensions)

To ask Mr Chancellor of the Exchequer, whether the forthcoming consultation on a charge cap for savers withdrawing their money from pensions will include a proposal for a charge cap on income drawdown products.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

The government announced on 17 June that it will launch a consultation to look at making the process for transferring pensions from one scheme to another quicker and smoother, including, if there is sufficient evidence, options to address excessive early exit penalties. The Financial Conduct Authority will, in parallel, gather information from pension providers to establish an evidence base for action in this area. This is part of a wider programme of action by government and regulators to ensure that consumers can take advantage of the new pensions freedoms, introduced in April.

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