Investment firms are opening their doors for early transfers of “protected rights” pensions ahead of an October 1 rule change allowing switches of plans into self- invested personal pensions (Sipps).

With millions of Britons holding an estimated £100bn in protected rights pensions, this latest liberalisation is seen by Sipp providers as an opportunity to build funds at a time when belt-tightening investors may be loath to put new cash into Sipps.