As many as 55% of workers are transfering out of Final Salary Schemes into riskier stock based pensions
In almost all cases, pension transfers are not beneficial and only offer a temporary bonus at the cost of long term benefits.
According to accountancy firm KPMG one in four workers that were offered a transfer deal accepted it
Some firms have been promoting high transfer rates in order to win multi-million pound pension schemes
As a result of this, many pension transfers have been mis-sold to people who did not need one
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