Two in five savers have had a 'difficult' pension transfer

40% 'would not transfer again'

Holly Roach
clock • 1 min read

Two fifths of savers have a bad pension transfer story and feel that due to their experience, they would not attempt another transfer, according to PensionBee research.

The firm revealed 42% of savers who have previously tried to change pension provider found the transfer process "so difficult" that they have been put off attempting another. PensionBee also found more than half (51%) of savers cited "some kind of difficulty" with accessing support from their provider during the transfer process, while 22% reported long waiting times and 9% gave up after multiple failed attempts. Additionally, 50% who attempted to transfer a defined contribution pension were required to complete paperwork, with more than a quarter (27%) having to complete multiple set...

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

Do clients already own the best retirement portfolio?

Do clients already own the best retirement portfolio?

'Feeling safer and being safer aren't the same thing'

Alex Funk
clock 29 October 2026 • 4 min read
Budget 26: Government to get rid of two-year tax rule on lump sum death benefits

Budget 26: Government to get rid of two-year tax rule on lump sum death benefits

Changes will also be made to how tax due on excess lump sum death benefits is collected

Jonathan Stapleton
clock 28 October 2026 • 1 min read
Budget 26: State pensioners to be shielded from income tax

Budget 26: State pensioners to be shielded from income tax

State pension expected to rise to £13,036

Sophia Panayi
clock 28 October 2026 • 2 min read