Should you transfer your defined-benefit pension scheme to a money purchase scheme?

Financial watchdogs have made it clear that they believe transferring money out of a defined-benefit pension scheme is a bad idea for most people. And yet people continue to defy this guidance.

People being showered with banknotes © Getty Images

You won't find that guaranteed income outside a final-salary scheme
(Image credit: People being showered with banknotes © Getty Images)

Transfer values are on the rise, but leaving a defined-benefit pension scheme is risky

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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.