Known as pension switching for pension between money purchase schemes.

The adviser should also take into account the following factors when determining whether the transfer is appropriate for the client:

• charges on the ceding scheme and the new scheme;
• past performance of investment funds;
• analysis of any existing with-profit funds;
• transfer penalties and/or market adjustment factors;
• guaranteed annuity rates, guaranteed bonus rates and/or guaranteed growth rates;
• proposed investments within the new scheme and whether these were available within the ceding scheme or within a cheaper alternative; and
• any life cover or ancillary benefits that will be lost on transfer.