Savers are being blocked from swapping their ‘final salary’ pensions for cash, after the amount they can receive by transferring retirement savings plummeted to record lows. Final salary, or defined benefit pensions, pay an income in retirement based on years of service and your salary. Switching from a defined benefit pension to a more modern ‘defined contribution’ pot gives far more flexibility, but comes at a greater responsibility and risk. My pension transfer value has plunged from £740k to £340k: What's happened, and is my early retirement dream over? Anyone who transfers a defined benefit pension worth more than £30,000 must seek regulated financial advice.

Source: Daily Mail October 26, 2022 00:33 UTC