Responding to the FCA cap on early exit charges, John Perks, Managing Director, Retirement Solutions at LV=, said: “Clamping down on excessive exit fees is absolutely the right thing to do as these are one of the reasons people aren't shopping around at retirement.
"At LV= we only have exit fees for a limited number of legacy pensions. To help create a more transparent world for our members, we are committing to the removal of all our residual exit fees by the end of 2017, and are actively looking at whether we can do this sooner."