Overwhelmed by all the pension jargon? Fear not, our pension glossary has you covered. All the important terms and acronyms explained right here.
What is an Early Exit Fee?
Some pensions come with early exit charges, meaning you’ll be penalised for switching to another pension – for example, one that allows drawdown – before your policy matures. Early exit charges are now capped at 1 per cent, provided you’re over 55 when you switch.