Another hidden danger with ‘switch and get rich’ is that older pensions might have guaranteed bonuses or annuity rate guarantees hidden away in the small print. Many of these will date from the 1980s and 1990s when interest rates were higher and stock-market performance was much better than it is today and will be for at least the next five to ten years. Most savers probably don’t know about these guarantees and may be lured into switching from older, better funds and thus losing valuable benefits.