Two-thirds of DB scheme members wary of transferring out - research

Most members 'haven't considered' transferring

Hannah Godfrey
clock • 2 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Retirement tax planning and the issue of underspending

Retirement tax planning and the issue of underspending

Retirement planning Q&A

Professional Adviser
clock 12 October 2026 • 6 min read
Partner Insight: PruFund arrives on Scottish Widows Platform

Partner Insight: PruFund arrives on Scottish Widows Platform

How integrating PruFund onto the Scottish Widows Platform expands retirement options for advisers without increasing administrative burden

Ross Easton, Head of Platform Propositions, Scottish Widows
clock 05 October 2026 • 3 min read
The conversation that has to change with the 100-year life

The conversation that has to change with the 100-year life

'Advisers need to continue to challenge the cliff-edge narrative directly with clients'

Graeme Bowden
clock 24 September 2026 • 4 min read