
There are 11 million members of Final Salary pensions (we’ll use that term for simplicity) in the UK. These schemes provide a guaranteed income, which is usually protected against the ravages of inflation. Consequently, it was normal in years gone by, to leave them in place, indeed, in the vast majority of cases that is still the best thing to do as transferring to an alternative arrangement means losing the guaranteed, inflation-proofed, income.
However, the introduction ...