The pension transfer process in the UK remains unfit for purpose with at least one switch having taken more than 1,000 days to complete, according to PensionBee.
PensionBee's forthcoming report, A Switch In Time, draws on a survey of more than 160 advice professionals conducted by financial services consultancy The Lang Cat. Key findings from the report highlight the scale of the issue: more than one in six advisers have experienced transfers taking longer than a year, while 82% believe poor switching experiences are actively harming the reputation of the financial services industry. Meanwhile, 79% said delays had a moderate to severe negative impact on client trust in pensions. One example revealed a pension switch that took over 1,000 day...
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