Thinking about a transfer

The Telegraph said a survey showed that one in ten of the 3.7 million members of private sector final salary pension schemes was thinking about moving their benefits in order to benefit from the new pension freedoms that start next April.

It said people wanting to leave capital to their families might be motivated to do this because under the new rules, a fund can be passed on tax-free, but this option is not available to final salary scheme members.

People in ill health and those requiring a higher income than their final salary scheme offers may also benefit from a switch, but it’s essential to obtain independent advice first.