1. You’ve lost money for retirement in an obvious way
While your defined benefits pensions will likely have promised a guaranteed income for life, protected up to 90% by the Pension Protection Fund, its unlikely that any personal pension would do the same.
Once moved into a private pension and invested, the amount you get in retirement will depend on how well your investments go. Not only do some investments fluctuate in value and returns on a daily, monthly or quarterly basis, but big events such as the 2008 financial crash, the Iraq war (and possibly even Brexit) can make or break an investment.
In some cases, people are persuaded to transfer and make high-risk investments through SIPPs, SSASs or QROPS, that they aren’t suitable for. Sometimes, this can cause a pension fund worth hundreds of thousands of pounds to become worthless practically overnight.
Transfers away from final salary pension schemes almost always carry an increased (and usually unacceptable) amount of risk. If you’ve lost money you can’t afford to lose because of a transfer, this could be a sign you were mis-sold.