DC pension holders now waiting an average of 29 days for transfers

Ceding companies are currently taking a month to transfer pension funds

Hope William-Smith
clock • 2 min read

Defined contribution (DC) pension holders are currently waiting an average of 29 days for ceding companies to transfer their funds to new providers, according to My Pension Expert.

The at-retirement specialists' 2023 Retirement Fairness Index analysed data from 4,000 transfers and has subsequently criticised the delays as "lengthy". Customers with some pension providers are waiting for months, with the index showing XPS Administration takes 120 days on average to transfer funds. My Pension Expert said the slow turnaround time from many firms was "stressful and financially detrimental" to savers. "Some will miss out on better returns as they wait for funds to move between providers, while others are reliant on their pension as their only source of income," it ...

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