The majority of final salary pension scheme members are wary of transferring out of their scheme for fear of losing the guaranteed retirement income and making an irreversible mistake, research from Prudential has found.
The research found two-thirds (66%) of respondents have not considered transferring out of their final salary scheme, while 3% had already transferred out, and 16% said they were considering it. The main reason people were cautious of transferring was because they did not want to make an irreversible mistake (29%). Meanwhile, a further fifth said they did not want to lose a guaranteed income for life. Others were put off by fears of a ‘long and complicated process' and worries about getting the right advice. About 14% were unsure where to get advice altogether. Prudential had su...
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