People approaching retirement and considering cashing in their final salary pensions are being urged to get financial advice before proceeding with taking out a lump sum. Foster Denovo is issuing the warning in the wake of research from the Office for National Statistics which discovered funds transferred out of defined benefit pension schemes almost tripled last year.
By doing this, said Foster Denovo, retirees could be giving up a guaranteed income for life in exchange for an ‘enticing eye-watering’ cash lump sum.
For many savers, it said, trading in the security of the defined benefit pension was inappropriate. But it has […]
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