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

Lisa Picardo, chief business officer UK at PensionBee, said: “It is extremely concerning that consumers are having to give up on pension transfers altogether due to delays – this is exactly how poor customer outcomes happen.

“When people are discouraged from transferring due to delays and unnecessary complexity, they risk being left with fragmented savings which are difficult to manage and disengagement, which can ultimately lead to a poorer retirement outcome.

“The UK’s statutory deadline for pension transfers hasn’t changed since the nineties and is grossly outdated.

“A six-month limit designed as a backstop has, in practice, become a benchmark that has allowed poor experience to go unchallenged.

“Those approaching retirement are left waiting on pension money when they need it, while others may be left stuck in poor performing funds, paying high fees or missing out on better technology, tools and customer service.

“This isn’t good enough – PensionBee has been lobbying the government for improvements in pension transfers for many years, ensuring no provider drags their feet on transfers and enabling a fast, fair and functional system.”