I've just been through transferring out of a DB scheme and it's alot of paperwork and cost.
Background: Transfer values are based on what it costs your DB scheme to buy investments that cover your costs during drawdown. These have to be made up of low risk securities such as government bonds, cash holdings etc. At the moment government bonds although secure, don't pay out much interest (often negative interest just now) therefore your pension fund needs to buy more of them to get the returns needed to give you your guarantee DB pension, hence the transfer values are high at the moment, as its still cheaper to get you out than risk having to buy millions in worthless bonds etc. That's the main driver of transfer values, it's calculated exactly and fluctuates month to month, the company has no control over this and is nothing to do with the share price etc. Every company follows the same rules to calculate transfer values.
The FCA say that the expectation is that for most people thinking of transferring out, it is categorically not a good idea, and that's what the IFA will begin with. It's very difficult to prove its in your interest to transfer out, actually it's weighted so heavily towards not doing so that it's almost impossible to get a recommendation. Makes sense as the government would rather see you have a little guaranteed pot, than blow or lose it all on the open markets and then it costs them more!
Everything in my IFA report pointed towards transferring out being the better but they still recommended not to transfer. I got a 58 page report and it cost £2.4k for the pleasure. But I am still transferring out, against the recommendation.
So to transfer out you need to have taken advice from an IFA if your value is over £30k sterling. You don't have to follow the advice if they say its not in your interest to transfer out nor do you need to go through the ombudsman, you are free to decide whatever the report says. The problem you have is trying to find an IFA that will do a report, most won't touch it as the base line is to not transfer out, therefore its a waste of money to do an expensive report that will say not to. IFAs will always err on the cautious side to avoid future litigation incase they advise you to transfer out and your funds plummet. So your going to most likely pay a lot of money for a report that says don't do it. But you need this report to show you have at least taken advice, regardless of what it recommends. Now the second problem you have is trying to find an investment platform that will take your money with a recommendation to remain in the DB scheme. Again most platforms won't touch you for fear of litigation.
However it can be done and you can transfer out regardless of what the advice says and you are known as an insistent investor.
So what will likely give you a recommendation to transfer out : well if you had a terminal illness, other guaranteed incomes that are far in excess of your DB pot, if the company was likely to collapse and your DB fund defaults to the PPF. Things like that. The rules are so tight against transferring out, that anyone under 50 will likely get a no recommendation.
If Anyone wants to pm me feel free. I can put you in touch with the right people that I used but it does cost money and you most likely will get a not to transfer recommendation but that shouldn't stop you if your comfortable with making your cash work and can take the losses alongside the gains.