This might be a transfer from one money purchase pension to another money purchase pension or a transfer from a defined benefit pension to a money purchase pension such as a personal pension or self-invested personal pension (Sipp).

But an increasing number of so-called ‘pensions liberation’ companies are targeting savers claiming that they can help them take their pension cash early. Individuals may be targeted through websites, mass texting or through cold calls.

These companies are potentially fraudulent and are enticing individuals with the lure of available cash or preferential loans.

Back in September Steve Webb, minister for pensions, said: “Pensions liberation fraud is a crime.

“That is why, as part of our plans to build a fairer society, we are working across government and industry to stamp it out and to raise awareness of the dangers of handing over your pension pot.”

This guide explains the options for legitimately transferring a pension, how pension liberators could scam your clients, the potential risks and rewards of moving a retirement savings pot and the regulatory requirements for anyone considering moving to another provider.

Supporting material from Helen Dreyfuss, principle technical specialist of the Pensions Advisory Service; John Lawson, head of policy for pensions and investment at Aviva; Caroline Villar, product director for retail pensions at Legal & General; and David Trenner, technical director of Glasgow-based financial advisory firm Intelligent Pensions.