# Some pension savers giving up on transfers due to delays, says Which?

By Rachel Vahey — 2026-03-26

Rachel Vahey, head of public policy at AJ Bell, said: “Too many people are currently suffering long delays in pension transfers.

“There are a myriad of reasons why – from antiquated systems in some workplace pensions, to poorly drawn up regulations that should stop scams but often frustrate transfers, and regulation that still gives some workplace pension schemes a staggering six-month window to complete transfers.

“Regulatory and industry focus has rightly been fixed on improving transfer processes in recent years, helping more people make the most of their retirement savings and, where appropriate, consolidate pensions so they are more straightforward to manage.

“But the FCA’s recent proposals risk making the situation worse, by lengthening the time to complete transfers and ramping up the frustration caused to pension savers.

“Given Which?’s research found one-in-10 people already give up on transferring due to the difficulties involved, lumping on further delays will only add to the existing problems with the system.

“Better solutions exist that do not gum up the transfer process.

“AJ Bell believes the FCA, Department for Work and Pensions (DWP) and The Pensions Regulator (TPR) should work together on developing alternative solutions to ensure pension savers with valuable guarantees and protections fully understand their benefits and the risks of losing them through transfers.

“This could be in the form of regular communication, such as including this in the annual benefit statement, or in the longer term as part of the information held on Pensions Dashboards.

“The good news is that the FCA has indicated they are still listening to industry concerns.

“By changing these proposals, the aim must be to build a solution that makes sure more people get the information they need at the right time to consider transfers.”

Canonical: https://experts.pressassociation.com/expert/12/views/fe79795b3cd612ef