Final salary pension scheme members are cautious about moving their benefits to defined contribution schemes because they fear making a mistake in transferring as well as losing the guaranteed retirement income, research from Prudential shows.
Its study of private sector final salary scheme members shows that more than eight out of ten (81 per cent) have not considered foregoing the guaranteed income for life and transfer a lump sum into a defined contribution pension scheme. Only about three per cent questioned said they had actually transferred.
About 29 per cent of final salary scheme members surveyed say they would not […]
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