A transfer value is priced on assumptions that favour the scheme rather than the member leaving it

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Converting the pension to a lump sum uses the plan's own rate which is rarely the annuity you could buy outside A subsidized early retirement factor inside a defined benefit plan can be worth more than a year of salary Cliff vesting at five years means leaving at four years and eleven months pays nothing from the employer side A defined benefit formula multiplies final average salary by years of service and an accrual rate Withdrawing from a multiemployer plan can trigger a liability payment that a small contractor cannot survive The PBGC guarantees the monthly benefit up to a statutory cap if a single-employer plan runs out of money A plan freeze stops accruals for new hires and sometimes for everyone already enrolled Pension income is taxed when it is paid so deferral only helps if your rate is lower by then Public sector pensions still promise a formula while most private sector workers carry only a pot Waiving the joint and survivor annuity requires a spouse's written consent in most private plans