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The Chancellor of the Exchequer, George Osborne, has today (17 June 2015) announced action designed to strengthen people’s rights to access their pensions flexibly and removing any unjustifiable barriers to doing so. |
Commenting on the announcement Stephen Scholefield, a pensions partner at law firm Pinsent Masons, said:
The Chancellor's announcement is further evidence of his desire to drive through the freedom agenda. Tackling exit fees further positions him as an unlikely consumer champion. But to have real success, he'll need to create a safe-harbour environment in which providers can process transfers efficiently whilst savers don't live to regret their decisions. Otherwise ambulance chasers will be joining car retailers in looking to profit from those who cash out their pension savings.
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