Pension transfers: Four ideas for speeding them up

The Financial Conduct Authority (FCA) asked firms for their views on refining the operation of pension transfers after discovering that, though the average transfer time was low at 16 days, it had seen one completed after 191 days. The findings formed part of an FCA data collection exercise among providers following the introduction of the pension ‘freedoms' in April. Firms suggested four options for improving the system, including setting maximum timescales for transfers and the creation of an accurate register of occupational schemes, though risks were also identified. These incl...