B&CE responds to HM Treasury’s consultation into pension transfers and early exit charges

We have responded to HM Treasury’s consultation into pension transfers and early exit charges.

This consultation sought responses on options to address possible barriers to people switching their pensions to access the new freedoms, including:

• excessive early exit penalties;
• the process for transferring pensions from one scheme to another;
• and the circumstances in which someone should seek financial advice.

We recognise the need for savers to receive advice, but have highlighted the issues faced by those trying to obtain it. We have called for a relaxation of the advice perimeter to allow greater access to simple advice. Greater availability of robo-advice would be helpful, as would the adoption of standardised and automated transfer processes.

Read our full response here.