Pension transfers: Industry must get its act together, says McPhail

Jenna Towler
clock •

The pensions industry must work together to establish an efficient and consistent transfer method or risk having a poorer version inflicted upon it by the regulator, Tom McPhail has said.

McPhail, head of pensions research at Hargreaves Lansdown, said while "extracting consensus" among providers was challenging, it was essential all players work together towards a common goal. Speaking at a Tax Incentivised Savings Association (TISA) event on pension transfers, he said: "The DWP has given us the catalyst and the motivation to make this happen now." The non-commercial organisation TeX, of which McPhail is a director, is the "logical organisation to coordinate the consensus", he added. McPhail said: "If we the pensions industry do not adopt a competitive marketplace o...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Triple lock played 'important role' but it would 'always need to end'

Triple lock played 'important role' but it would 'always need to end'

Pensions industry reacts to triple lock change

Holly Roach
clock 30 September 2026 • 4 min read
Triple lock changes welcome but 'cannot solve' national care problem

Triple lock changes welcome but 'cannot solve' national care problem

‘The sooner the government comes clean on these plans the better’

Sophia Panayi
clock 30 September 2026 • 6 min read
'The interesting thing about Burnham's triple-lock plan isn't the triple lock'

'The interesting thing about Burnham's triple-lock plan isn't the triple lock'

'Look past the mechanism and something more interesting is happening'

Tony Müdd
clock 30 September 2026 • 5 min read