Advisers and pension scheme members have been warned not to "overreact" to the pension lifetime allowance cut, which is due to fall from £1.5m to £1.25m on 6 April.
Consultant Broadstone said while people can apply for fixed protection members must leave their pension schemes by April 5 and warned leaving defined benefit pension schemes should be the absolute last resort.
The firm said it feared both advisers and clients were overreacting to the change in particular, it said, members may not be adequately compensated for leaving pension schemes in light of the significant savings gained by the employer.
Pension director Simon Nicol said: "Leaving a pension scheme, particularly some years from retirement, is a hugely significant decision and not to be taken without very good reasons. Those that are in defined benefit schemes should be particularly wary of leaving."
However, Nicol said he was aware of a significant amount of commentary suggested workers "do just that".
He added: "Usually this is based on a set of ‘what if' growth assumptions often suggesting that even relatively modest funds may exceed the lifetime allowance if growth is good and the funds are invested long enough.
"Sure, this may happen and the tax charges on pension funds over the lifetime allowance are currently high, although by no means disastrous.
"But equally, growth forecasts may prove wildly optimistic."
Nicol said the assumptions are also based on ten to 15 of stability in the pension system.
He asked: "Will the lifetime allowance still be at £1.25m in 2024? Will we still have a lifetime allowance? Could anyone have predicted ten years ago what the pension rules will be now?
"To suggest that a pension member forgoes the benefits of an employer's pension scheme to potentially avoid a tax charge at some future date without adequate compensation or clear short term benefit means members throwing money away."
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