Around two-thirds (69%) of people who have transferred their defined benefit (DB) pension into a defined contribution (DC) arrangement over the past four years were satisfied with their choice, according to the Financial Conduct Authority's (FCA) Financial Lives Survey.
Actuarial consultancy OAC - part of the Broadstone Group - said this demonstrates the potential consumer danger that still lurks in the DB transfer market.
Head of redress solutions Brian Nimmo said: "Regulations around financial advice have been a focus for the FCA in recent years and it has tightened up its rules significantly which is a positive in establishing greater trust.
"Yet it is worrying that little over two-thirds of people who have completed a transfer in the last four years have said that they were satisfied with their decisions and that huge numbers are still considering it."
The regulator's survey also found one-in-ten people (10%) with DB pensions said that they had considered a transfer.
Of these, a quarter (25%) said that they think they will proceed with a transfer and only 36% said that they had discussed the issue with a financial adviser.
In other news, DC pension holders are currently waiting an average of 29 days for ceding companies to transfer their funds to new providers, My Pension Expert found.
The at-retirement specialists' 2023 Retirement Fairness Index analysed data from 4,000 transfers and subsequently criticised the delays as "lengthy".
Read more: Complaints on pensions and investments escape top five FOS problems
