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HMRC rules branded barrier to legacy product bulk transfers

“Pension tax relief is one of the most expensive reliefs and it is only right and proper that there are controls in place to ensure only people entitled to relief receive it.”

Nathan Long, senior pension analyst at Hargreaves Lansdown, said it made sense for savers to be in the most up to date offering if there is no detriment to moving them.

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"There is no doubt that legacy pensions don’t quite measure up to their modern day equivalents," he said.

However, he added: "There is also a separate question as to why providers do not simply improve their existing products, rather than stopping and starting again."

carmen.reichman@ft.com