Thinking of switching pension providers? Expert issues key warning

An expert has issued a warning to those considering swapping their pension providers for lower fees. Appearing on BBC Morning Live on Tuesday (28 October), finance expert Iona Bain said it is “not necessarily the case that you will be better off switching your pension”, and highlighted various examples which could see employees lose “really valuable benefits”. She explained that if you move your current workplace pension to a different company, your employer's contributions could be lost. Guaranteed retirement incomes at a higher rate could also be lost if pensions are transferred, she warned. “ I cannot stress this enough. Please do not transfer defined benefit pensions because you don't have to worry about fees anyway,” she cautioned viewers.