Over four in five (84%) of people with a defined benefit (DB) pension scheme have said that they haven’t considered switching to a more flexible option, according to the Financial Conduct Authority’s (FCA’s) financial lives research.

The research has raised concerns that some savers are at risk of missing out by not exploring all the financial options available to them at retirement, HUB Pension Consulting has said.

Just one in 10 (10%) DB pension savers have considered a switch to a more flexible defined contribution (DC) pension, with 6% saving that they did not know.

Of those who have considered a transfer, just over a third (36%) have consulted a financial adviser.

The FCA’s research found that nearly seven in 10 (69%) of those who transferred money from a DB to a DC pension in the last four years were satisfied with the choice, compared to just 6% who said they were dissatisfied.

The value of a DB pension will often be a saver’s largest single asset, which in many cases are worth hundreds of thousands of pounds.

DB transfer activity has been subject to tightening regulatory supervision in recent years. Although most DB to DC transfers, those of which are valued at more than £30,000, require taking regulated financial advice, many firms have pulled out of offering advice.

Senior pension consultant at HUB Pension Consulting, Seb Sherburn, said: “The FCA is clear that in most cases a transfer will not be suitable but that should not stop people approaching retirement from fully reviewing their wider retirement planning options, of which a transfer is one possibility.

“With such large amounts involved you would expect people to be keen to consider their options, to at least analyse the suitability of sticking with their DB scheme to ensure they are not unknowingly missing out on achieving the best possible outcome for them. The fact that the vast majority are not even considering the alternatives raises questions about a blind spot in terms of the information and support they are receiving, leaving the minority who could benefit from a transfer losing out.

“Analysing whether a transfer could deliver better outcomes can only be done on a case-by-case basis, with a deep understanding of the client’s unique situation as part of a wider retirement review. It’s important DB members at least sense check sticking with the DB scheme, and this is not difficult or expensive now that most of the firms active in this space offer abridged advice services.

“The broader message is that retirement is a financially complex time of life and everyone with private pensions whether they are DB or DC should review their choices.”

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