Occupational pensions: capping early exit charges and prohibiting existing member-borne commission charges

This consultation seeks views on the draft Occupational Pension Schemes (Charges and Governance) (Amendment) Regulations 2017. The regulations would introduce restrictions on early exit charges for members of occupational pension schemes who are eligible to access the pension freedoms.

The regulations also restrict charges being imposed on members of certain occupational pension schemes to recoup the cost of commission payments made to advisers in relation to contracts entered into before 6 April 2016.

This consultation is aimed at:

• pension industry bodies and professionals
• trustees or scheme mangers
• pension scheme members and beneficiaries
• employers and representative organisations
• any other interested parties

Earlier consultation

In May 2016 we published a consultation on capping early exit charges for members of occupational pension schemes. We added the government response in November 2016.