Are pension transfers taking months?

While changing bank accounts, energy or broadband suppliers is quick and easy these days, a worrying new report reveals that it can take people months or even years to switch their pension from one provider to another.

The report paints a stark picture of the delays facing consumers and calls for urgent legislative reform ordering pension providers to complete switching within 10 days.

Despite some providers successfully transferring the funds in under seven working days, the worst performing provider or administrator took over nine weeks in 2024. In one extreme case uncovered by the report, one transfer took over 1,000 days to complete.

The report from PensionBee – a leader in the consumer retirement market – reveals the ten worst firms all of whom are taking weeks if not months to complete switches. It also highlights the top 10 firms – all of whom are completing switches within the suggested 10-day period.

Aston spoke to Lisa Picardo, chief buisness officer UK at PensionBee.

Photo by Colin Watts on Unsplash