Record number of savers abandon final salary pension schemes

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Financial Times, Friday 18 May 2018

The amount of money flowing out of traditional “final salary” pension schemes more than doubled last year, as record numbers of savers traded guaranteed retirement benefits for cash lump sums.

Figures released by the Financial Conduct Authority following a freedom of information request show that the amount of pension cash transferred out of final salary, or “defined benefit”, schemes to riskier “defined contribution” plans jumped from £7.9bn in 2016 to £20.8bn in 2017.

The regulator has been probing the advice market following concerns that many savers are being offered bad advice to give up valuable retirement benefits.

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