There are various options for deferred pensions after the age of 55: people could take a lower pension earlier, a higher pension later, or a higher starting pension if they are willing to sacrifice some of their inflation increases.
The report found that amongst those who spoke to an adviser and were advised to transfer, the three biggest attractions were: the greater flexibility available in a DC arrangement; the historically large transfer values currently on offer; and the potential to pass on a lump sum balance on death to their heirs.
The main reasons for those advised not to transfer were: […]
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