Variance in DC transfer times sees 'detrimental' impact to saver trust

Standardised communication recommended to aid advisers

Hope William-Smith
clock • 1 min read
Variance in DC transfer times sees 'detrimental' impact to saver trust

The variance in the time taken for defined contribution pension transfers to process is having a noticeable impact on confidence in the scheme type, the Pensions Administration Standards Association (PASA) has said.

Guidance published by the association yesterday (10 October) said some transfers were taking months to complete and processes were "lengthy and opaque".

PASA warned that schemes regulated by the Financial Conduct Authority "need to be mindful of changes - when they are transferring or receiving schemes - potentially arising out of the Consumer Duty consultation."

However, is for pensions administrators to better communicate hold-ups to all parties involved in a transfer, financial advisers included, PASA said.

The association added that time could be saved for advisers if they received required information "promptly" and in a standardised form.

"We recommend [pension] administrators adopt the industry-developed transfer template and ensure both the scheme and saver level information sections are fully completed and sent to savers' advisers on request," it stated.

More on Pensions

Pensions campaigner and former WPC chair Frank Field dies aged 81

Pensions campaigner and former WPC chair Frank Field dies aged 81

Field was a former Work and Pensions Committee chair and a welfare champion

Professional Pensions
clock 24 April 2024 • 5 min read
Crucial advice issue: Death benefits detail advisers need to know

Crucial advice issue: Death benefits detail advisers need to know

Important differences from previous regime

Andrew Tully
clock 05 April 2024 • 4 min read
British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read

In-depth

Cognitive biases in advice and the psychology of insurance

Cognitive biases in advice and the psychology of insurance

A look into client decision making and its effects on protection uptake

Jaskeet Briah
clock 25 April 2024 • 5 min read
Editor's View: The consolidation news keeps on coming

Editor's View: The consolidation news keeps on coming

The editor's Friday Night Takeaway from 19 April

Hope Coumbe
clock 19 April 2024 • 1 min read
Editor's View: Is all this talk of bonds giving you whiplash?

Editor's View: Is all this talk of bonds giving you whiplash?

The editor's Friday Night Takeaway from 12 April

Hope Coumbe
clock 12 April 2024 • 1 min read