Pensioners have been issued a fresh warning following new analysis on transfer times. Data from My Pension Expert has revealed that the average waiting time to transfer a pension peaked at an alarming 28 days.
The independent retirement advisor analysed data from 5,163 pension transfer that it managed on behalf of clients in the 2023/24 financial year. It highlighted that it was a slight improvement from the 29-day average in the 2022/23 financial year, but was still “disappointing”. It also acknowledged that while some delays are necessary for things such as fraud checks, such delays are unnecessary in some other cases, leaving customers with a great deal of stress, especially when the reasons for delays are not shared.
Lily Megson, Policy Director at My Pension Expert, said: “The tiny improvement in pension transfer times is disappointing. It highlights the ongoing challenges faced by UK retirement planners, who regularly face significant delays when moving their savings between providers.
“The process remains slow and lacks transparency. Customers regularly face significant delays when moving their savings. Clear visibility into the status of a pension transfer is essential in financial planning improving the speed and communication of the process is vital not only to eliminate undue stress, but also allow people to manage their retirement savings as effectively as possible.
“It is timely that this year’s Retirement Fairness Index comes just before a general election. We urge the next Government and the pension sector to collaborate on minimising unnecessary delays and improving communication. By doing so, we can create a fairer and more transparent industry, thereby restoring and maintaining the trust of savers.”
Average wait times by pension provider
According to My Pension Expert’s data, there was a vast difference in waiting times depending on the provider.
Fastest transfers
- Sanlam – 18 days
- Sun Life Financial of Canada – 22 days
- Fidelity – 22 days
- Standard Life – 22 days
- Legal & General – 23 days
Slowest transfers
- Mercer – 96 days
- NOW: Pensions – 69 days
- TPT Retirement Solutions – 67 days
