Most advisers are blaming the complexity of the pension transfer process for the length of time it takes.
According to a study conducted by Cofunds, 67% of respondents said the most significant barrier to the prompt transferring of retirement funds is the convoluted methods involved.
Elsewhere, 21% named paper-based processing requirements as the biggest obstacle, while 12% laid the blame at the door of what they called "a lack of joined-up technology".
Further suggested impediments included life offices dragging their feet, regulatory incompetence and a reluctance on the part of clients to embark on what they feel is a "time consuming admin nightmare".
"We recognise that consolidating pension assets is crucial to advisers and we are dedicated to making sure we are in tune with their concerns," Cofunds marketing & proposition director Alastair Conway says. "Key amongst this is clearly the delay in transferring clients' pension assets.
"These markets in particular have highlighted to investors the need to understand a total picture of their retirement assets."IFAonline
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