Operators of costly final salary pensions are being accused of offering overly-generous sums to savers leaving the ‘gold-plated’ schemes. The Pensions Regulator (TPR) wrote to 14 schemes earlier this year to raise a number of concerns around increased levels of transfer activity – demanding the risks were better explained to savers. It noted a spike in people leaving defined benefit (DB) schemes, where income is guaranteed, in return for a one-off lump sum payment. Rising costs mean DB pensions have become scarce in recent years, especially in the private sector, because people are living longer. They have largely been replaced by defined contribution (DC) pensions.