Some Britons are facing shocking delays of up to 1,000 days to move their pensions, according to new research. The data reveals widespread frustration across the industry, with more than one in six advisers reporting pension transfers taking over a year.
The findings come from PensionBee’s report, A Switch In Time, based on a survey of over 160 financial advisers by consultancy The Lang Cat. Despite some providers completing transfers in under 10 days, others are dragging the process out for months or more. In the worst case reported, a single transfer took nearly three years to complete for one retirement saver.
Lisa Picardo, chief business officer UK at PensionBee, said: “There should be no more excuses – we’re in 2025, and yet we’re still hearing from advice professionals that consumers are waiting a year, or sometimes even three, for a pension switch to complete.”
The report found near-universal support for change. Around 96% of advisers support changing legislation to mandate a reasonable transfer timescale for pension switches.
A further 74% want a standardised process across all pension providers, while almost all believe the worst offenders should be held to account.
Calls for reform are growing, with advisers backing a 10-day Pension Switch Guarantee to protect consumers and improve outcomes.
Ms Picardo continued: “Aside from these delays eroding trust in the system and causing embarrassment for the industry at large, they’re critically harming consumers and worsening retirement outcomes. Delays in pension transfers prevent people from simplifying and better managing their pensions.
“There’s nowhere to hide; the data highlights exactly where the problems lie, and it shows that the adviser community wants change. It’s time for the regulator and the Government to drive the modernisation of the industry through regulation, and for the worst offenders to be held to account.
“It’s time to finally give consumers the fast, fair and functional pension transfer system they deserve.”
