Defined benefit (DB) pension schemes should proactively consider introducing partial transfers as an option for members, according to a policy paper from mutual insurer Royal London and consultancy LCP.
According to the research report, entitled “Best of both worlds?”, an estimated 500,000 members had already transferred well over £60bn (€66bn) out of DB schemes since April 2015, when the new pension freedoms were introduced. The vast majority had given up all of their rights in the DB scheme in exchange for a lump sum transfer into a defined contribution (DC) arrangement.
“But for some individuals, such as those whose entire lifetime […]
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