PensionBee calls for 10-day pension switch guarantee as pension delays persist

Lisa Picardo, chief business officer UK at PensionBee, said: “The evidence is clear: delays are harming consumers and undermining trust in our industry. 

“The system is letting poor performers off the hook and rewarding the wrong behaviours. 

“The technology and standards exist to support more efficient pension transfers. 

“The will among advisers and consumers exists to see change. What’s missing is meaningful legislation and regulatory enforcement.”

Picardo added: “The Government and regulators must now step in and level the playing field, reshaping the pension transfer system that so desperately needs modernisation. 

“That means primary legislation. And above all, that means putting the interests of consumers first. Swift switching isn’t a ‘nice to have’ — it should be a basic right.”

Steve Nelson, insight director at the lang cat, said: “What gets measured gets done, and it’s clear the financial services sector urgently needs to measure and fix the systemic inefficiencies around pension switches that are damaging trust across the board. 

“The delays evident from this research aren’t just frustrating admin issues. They’re symptomatic of a wider dysfunction rooted in antiquated manual processes.

“If we want to build trust with the public and close the savings and pensions gaps, the whole industry needs to up its game and be held accountable.”

Nelson added: “It needs to modernise systems and start acting with a shared sense of urgency and responsibility. 

“The advice profession has spoken clearly in this research. Now it’s time for those who are able to make a difference to listen and step up.”