Pension transfers face problems in two out of five cases - research

Old pension schemes cause delays

clock • 2 min read

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...

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

 Rachel Vahey: Advisers and clients still need clarity on NMPA increase

Rachel Vahey: Advisers and clients still need clarity on NMPA increase

'HMRC has had years to clear this up but has sat on its hands'

Rachel Vahey
clock 11 March 2026 • 4 min read
Pension freedoms exposed a longevity problem we still refuse to confront

Pension freedoms exposed a longevity problem we still refuse to confront

'The gap between product complexity and consumer understanding is not narrowing'

Julia Fintz
clock 11 March 2026 • 4 min read
Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Administration expected to conclude in 2027

Isabel Baxter
clock 10 March 2026 • 3 min read