The Telegraph, Sunday 8 January 2017
There are few more entrenched articles of faith in personal finance than the huge value of final salary pensions and the folly of cashing them in.
The security of a guaranteed income, usually inflation-linked, for your life (or your spouse’s), with all the investment risk and administrative hassle taken care of by your former employer, has been seen as almost beyond price.
So when even very generous sums have been offered to final salary scheme members to give up their entitlements, the advice of financial firms, regulators and other experts has always been, in effect, to think very carefully indeed – and then don’t do it.
It is thus intriguing when one of those experts, a former pensions minister no less, decides to go against the consensus and cash in two of her final salary pensions.
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