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

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...