Capping early exit charges for members of occupational pension schemes

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