Most savers are given an ‘all or nothing’ choice on giving up final salary pensions, when many would benefit from the middle way of a partial transfer, according to a new industry study.
Only around one in five employers let people take and invest a chunk of cash from their final salary pension, while retaining the right to some level of guaranteed income from their old scheme in retirement – but awareness and take-up of the opportunity are low.
More schemes should be encouraged to offer and promote such deals to help widen members’ options when sorting out their finances, suggests […]
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