Resist the temptation to transfer your pension

Overly generous transfer payments to savers leaving defined-benefit pension schemes could jeopardise the pensions of those remaining, says David Prosser.

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The members left behind may have to settle for something smaller
(Image credit: Credit: Cultura RM / Alamy Stock Photo)

Final-salary pensions have been too generous to those leaving the schemes.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.