Translate A Pension Transfer Offer Into Plain English

A pension transfer offer arrives promising more flexibility, and buried in the small print might be a guarantee worth more than the flexibility on offer. This translates the offer into plain English and is direct about when a transfer needs proper regulated advice before anything gets signed.

Translate the pension transfer offer text pasted below into plain English. Offer text: {TRANSFER_OFFER_TEXT}. Explain what type of pension is being left behind and what type is being transferred into, any guarantees or benefits that would be given up in the transfer, such as a guaranteed annuity rate or defined benefit promise, and any transfer fees or exit penalties. Be especially clear if the transfer involves giving up a defined benefit pension, since this is generally considered a high-risk decision requiring regulated advice. End with a clear, unambiguous statement recommending regulated financial advice before proceeding with any pension transfer.