Almost two out of five pension transfers from old to new schemes are hit by delays and "reluctance" from providers to carry them out, new research has found.
MetLife said 38% of savers wanting to transfer out of their pension schemes were experiencing issues, with 21% saying their old scheme was reluctant to help, while 17% claimed it was delaying the transfer. Pension transfers are needed in some circumstances to enable people to benefit from pension freedom. The government has allowed all defined contribution savers to access their pots freely from age 55 but some old schemes are not able to facilitate full access. The regulator has already proposed to ban early exit charges for new pension freedom contracts and cap existing ones at 1% o...
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