Electronic transfers

The average time to complete a transfer increases by 45%

The research was gathered through PensionBee’s analysis of Origio’s Pension Transfer Index (PTI). He found that in the periods between April 2018-March 2019 and April 2021-March 2022, there was a 45% increase in the average time needed to complete a pension transfer.

Over the same period, the research also found that there was a 23% increase in the time needed to complete transactions when the transferring provider had control.

While providers listed on the PTI have pledged to increase their transfer times and have committed to transparency, PensionBee noted that a considerable number of providers have chosen not to disclose their transfer times and have chosen not to not participate in electronic pension transfers.

Managing Director Romi Savova said: “It is very concerning to see a general malaise in the pension transfer times. Particularly as a number of key players remain conspicuously absent from Origio’s index, although slow transfer times were identified as an issue by the Financial Conduct Authority in 2015.”

She added: “These latest data prove how crucial it is to move away from self-regulation within the pensions industry and instead introduce a ‘pension change guarantee’ to restore confidence in the retirement system, allowing consumers to take control of their financial future and plan ahead for a happy retirement.”