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An expert has issued a warning to people who are considering switching their pension providers for lower fees.
visible on BBC morning live On Tuesday (28 October), finance expert Iona Bain said it was “not necessarily the case that you would be better off switching your pension”, and highlighted various instances which could lead to workers losing “really valuable benefits”.
He points out that if you transfer your current workplace pension to a different company, your employer’s contribution may be lost. He warned that guaranteed retirement income at higher rates could also be lost if pensions are transferred.
“I can’t stress this enough. Please do not transfer defined benefit pensions as you do not have to worry about fees anyway,” she warned the audience.