Losses from switching pensions are projected to hit £1.7bn this year as an increasing number of savers unwittingly move to schemes with higher charges, research has found.

Pension transfers are where you switch your defined contribution (DC) pension – a pot of money you save up for retirement – from one provider to another.

You may want to transfer your pension for a number of reasons, such as to move to a scheme with lower fees or to consolidate your pots into one place to manage them more easily.

Many experts also say that pension transfers can help people take control of their retirement savings, with some providers even offering cash incentives to switch to encourage people to engage with their pensions.

But new research from The People’s Pension, shared exclusively with The i P

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