Six million workers with valuable defined benefit (DB) pension rights need more help to decide whether to transfer them into a cash alternative, according to Royal London.
The insurer, which also called for government rules and regulations to be updated to help this group, has published Five good reasons to transfer out your company pension … and five good reasons not to. The guide is intended to provide factual information to help those in a DB scheme weigh up the pros and cons of converting a salary-related pension into a cash equivalent ahead of taking independent financial advice on a potential transfer. It addresses key attractions of transferring - including flexibility, the potential for more tax-free cash, inheritance and concerns about the spon...
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