There are many reasons to transfer out of final salary pension scheme and detailed below are the main ones as stipulated by the FCA themselves: According to the FCA some valid reasons to transfer out of final salary pension scheme are:

1. Poor health
2. Crippling debt
3. If you are in a household with multiple DB benefits that are sufficient to meet your needs so that you can accept investment risk to acquire additional flexibility
4. If you are in a household with other guaranteed pension income sources that are sufficient to meet your needs so that you can accept investment risk to acquire additional flexibility
5. If you are in a household with significant other assets, where a transfer allows better tax planning
6. If you are in a household with significant DC pensions and the DB scheme is not required to meet your needs
7. If you are in a household with significant other assets, and the DB scheme is not required to meet your needs
8. If you are in a scheme where there is employer insolvency risk, and or you have a DB pension that exceeds the Pension Protection Fund limit

There are, of course other good reasons to transfer out of final salary pension schemes but these are the main reasons as identified by the UK regulator the Financial Conduct Authority (FCA) to possibly consider a transfer out of final salary pension scheme.

Reasons not to transfer out of a final salary pension scheme

Final salary pension companies; insurance companies/SIPP providers who will accept a transfer from a DB scheme