Transferring your pension out of this type of arrangement, to an alternative pension scheme or plan, could potentially expose your pension fund to investment performance. In some cases, this could pose a higher risk to your retirement income.
This type of pension is not generally affected by investment performance; the member is promised a certain level of pension, at retirement.
If you were recommended to transfer out then sufficient information about the guaranteed benefits that will be given up, and the risks of any such transfer, should have been explained.
A transfer out might be in your best interests, but much will depend upon your individual personal circumstances, your attitude to accept risk and your ability to suffer loss.
A transfer may have been mis-sold if you were not properly informed of the consequences of the transfer and benefits you were giving up and if you did not know about, understand and accept the nature of the pension.
You may have also been mis-advised if there was never a possibility that better benefits could have been achieved from a different type of pension scheme when compared to the benefits being given up by transferring out of an employers pension scheme