Thinking of switching pension providers? Expert issues key warning
Expert warns savers over risks of switching pension providers for lower fees
- Finance expert Iona Bain issued a warning against switching pension providers solely for lower fees.
- Appearing on BBC Morning Live, Bain stated that transferring pensions does not guarantee a better outcome and could lead to the loss of valuable benefits.
- She highlighted that moving a workplace pension might result in losing employer contributions and guaranteed higher retirement incomes.
- Bain strongly advised against transferring defined benefit pensions, noting that fees are not a concern for these schemes.
- Watch the video in full above.