The guarantee on these schemes was on the fixed retirement income, which means as interest rates fell the present day value actually shot up. I don't think the

The guarantee on these schemes was on the fixed retirement income, which means as interest rates fell the present day value actually shot up. I don't think these companies had a choice in the matter. Lots of people cashed out because they feared their pension scheme would collapse. It should be noted that transfering out of these schemes is expensive because you're forced to take advice from an IFA