Marvin OnumonuResearch by Broadstone found that just 68% of people who moved money from a defined benefit (DB) pension to a defined contribution (DC) pension in the last four years were happy with their decision.
Research showed that satisfaction dropped to 64% for those in households earning less than £50,000.
More than one in 10 (12%) with a DB pension were thinking about moving to a DC pension, with another 6% unsure.
Of those considering it, 26% expected to go ahead, but only 32% had spoken to a financial adviser about it.
Brian Nimmo, head of redress at Broadstone, said: “Defined Benefit pensions offer security in retirement by providing guaranteed income no matter how markets behave or investments perform.
“It is for this reason that, ultimately, the majority of pensioners with DB pension guarantees will be better served staying within their scheme.
“The FCA’s data suggests this remains the case with fewer than seven in 10 transferors satisfied with the outcome of their transfer.”
Nimmo added: “However, some members could see benefits from accessing cash faster from their DB pension, especially those at the smaller end of the spectrum, for a specific reason such as to pay off a mortgage or provide a gift.
“Regulations around transfer advice have tightened significantly in recent years which should give those considering a transfer peace of mind that they will receive trustworthy and expert advice on whether this is a good idea.”
