TeX calls for eight day pension transfer industry standard

The cross-industry ‘transfer club' wants the industry to adopt an electronic transfer system to improve the length of time it takes to move pensions. At present about half a million pension transfers are made a year. That number is projected to increase to more than 1.5m in 2015 as a result of more self-invested personal pension transfers, pension consolidations and pot follows member changes. Hargreaves Lansdown head of pensions research Tom McPhail, who is also a director of TeX said: "We owe it to savers to ensure that they can quickly and easily transfer their pension assets and t...