Savers swapping out final salary pensions for cash could receive £311,000 less than they would have at the start of the year, experts have warned, as “transfer values” hit levels not seen in almost two decades.
Thousands of savers have transferred their final salary or “defined benefit” pension – which pays a guaranteed income for life – for modern pensions which can be cashed out in one go.
But transferring at today’s rates means an average 64-year old would get £300,000 less than they would have done in January, according to the consultancy XPS Pensions Group.An average retiree with a £30,000 […]
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