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Transferring Benefits

If you’re in a private sector defined benefit (DB) pension scheme or a funded public sector scheme, you can transfer to a defined contribution (DC) pension as long as you’re not already taking your pension.

Transferring your pension from a DB scheme to a DC scheme, can look like an attractive option, especially if your employer offers you incentives to switch. 

However, the reality might be if you transfer from a DB pension scheme you’re giving up valuable benefits and might find yourself worse off.

It’s a good idea to take financial advice before you decide.

By transferring you occupational pension scheme benefits into a personal arrangement, you may be giving up rights to guaranteed benefits, known levels of pension income and increases that will be applied in the future. 


A defined contribution pension is a longer term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

Transferring Your Pension?