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

Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

'Real-world consequences of allowing pension tax speculation to run unchecked'

Rachel Vahey
clock 05 October 2026 • 3 min read
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