Pension exit fees cap confirmed at 1% from 31/3/17

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expressman33
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Pension exit fees cap confirmed at 1% from 31/3/17

Post by expressman33 » Wed Nov 16, 2016 2:26 pm

The fees savers are charged for cashing in or transferring their pensions are to be capped at 1%.

http://www.moneywise.co.uk/news/2016-11 ... tPromotion
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expressman33
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Re: Pension exit fees cap confirmed at 1% from 31/3/17

Post by expressman33 » Fri Sep 14, 2018 3:02 pm

According to my latest pension statement from my former employers pension scheme "The cost of buying an annual pension income of £1,000 from an annuity is £42,065.00."

Who would be so stupid as to take an annuity on these terms ?
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planteria
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Re: Pension exit fees cap confirmed at 1% from 31/3/17

Post by planteria » Sat Sep 15, 2018 11:25 am

yes, not very appealing. it's difficult though, as many people will not want to take any risk at that stage.
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milo55
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Re: Pension exit fees cap confirmed at 1% from 31/3/17

Post by milo55 » Sun Sep 16, 2018 6:47 pm

42 seems at bit high , is that really the cost now ??? - i wasn`t going to buy an annuity when it reached 25- so it`s drawdown /flexible access for me-
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Re: Pension exit fees cap confirmed at 1% from 31/3/17

Post by milo55 » Sun Sep 16, 2018 7:03 pm

just checked my pension - says its 36 ,808- wow !!! long way above 25
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