A record numbers of members of defined benefit or final salary pensions have transferred their benefits from schemes to a private pension in their own name in the last year. Why are so many people keen to give up the security of a guaranteed lifetime pension? Are they right to do so? If asked for an opinion on this, how should accountants respond and what are the tax implications?

The majority of those lucky enough to have a defined benefit pension will have been advised to hold on to it, as they are rarely available anymore (except in the public sector).

So what has promoted over 80,000 individuals to transfer pension benefits in 2016/17, according to The Pensions Regulator?