If you've been advised against transferring that's probably good advice. Unless it's clear that you can afford to give up a guaranteed income of £6,000 in exchange for flexibility then it's not likely to be in your best interests.

Unfortunately, when the pound signs start flashing, and the prospect of a juicy fee arise, some less scrupulous people would suggest transferring - and get paid handsomely.

Although £6k per annum may not seem a huge amount, it's a guaranteed income which is also inflation proofed for the rest of your life ... so that £6,000 today will be £6,100 next year, and so on. Plus if you're in a relationship there would usually be a widow's pension in there for those left behind. A £190k pot would be unlikely to provide the same level of guaranteed pension from an annuity, which should always be the starting comparison.