Savers hit with annual pension withdrawal charges - even if they don't take out money
Savers are being hit with pension withdrawal charges even if they don't withdraw
Savers are being hit with annual pension withdrawal charges — even if they don't take out any money.
People who signed up more than five years ago to drawdown pensions that allow some cash withdrawals are being forced to pay the fees.
For example, Halifax small print states that when cash is taken for the first time it triggers a £180 fee.
They will have to pay this every year afterwards — even if they don't remove any more from their pots.
Experts say newer pensions are less likely to have such charges, but savers should check.
A Halifax spokesman says details of the charges are contained in terms and conditions.
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