PensionBee calls on Government to end pension transfer gridlock
The report called on the DWP, FCA and TPR to work together on a digital-first pensions system with clear consumer rights and accountability for providers.
PensionBee has called on the Government to modernise the UK’s pension transfer system after research found transfers can still take months or even years.
Some providers continue to rely on paperwork and manual processes, with delays causing confusion and frustration for people moving their own money.
PensionBee’s latest report, Faster, Fairer, Digital: The Pension Transfer Reset, set out five recommendations for urgent reform.
These include a 10-day pension switch guarantee, mandatory digital transfers across all schemes, transparent performance data from providers, updated legislation to prevent misuse of anti-scam rules, and a reduction in the six-month statutory transfer deadline.
The research found having both the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) has led to a fragmented system, with some providers able to complete digital transfers in days while others lag behind.
PensionBee said legacy IT systems and lack of enforceable standards have left savers facing delays and uncertainty.
Over 6,500 people have signed PensionBee’s petition for a 10-day pension switch guarantee ahead of the January 2026 deadline.
PensionBee warned that upcoming changes, including the pensions dashboard rollout and inheritance tax reforms, could trigger more consolidations and more transfer delays without action.
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