Phoenix have today (31 March 2017) introduced a cap on early exit charges for personal pensions, including workplace pensions. This means early exit charges for existing customers aged 55 and over will be capped at 1% and 0% for new contracts. For further information please see here.
From October 2017 the Department for Work and Pensions (DWP) intend to cap early exit charges on Occupational Pension Schemes (OPS) for customers age 55 and over; Phoenix have however voluntarily chosen to introduce this cap early and so existing OPS customers aged 55 and over will have their early exit charges capped at 1% from today (31 March 2017). For further information please see here.