Occupational scheme complexity slows pot transfers

Department for Work and Pensions (DWP) research found providers believe transfers from occupations pension schemes were "particularly complex" - often due to involvement of trustees. They cited complex scheme rules and ‘archaic' administration systems as other problems which slow down pension transfers. Transfers between group personal pension were not deemed as difficult. Processes and costs of transferring a pension scheme was carried out to investigate the costs involved in transferring defined contribution pension pots from one provider to another. It highlighted that transfers...