A 1000-day wait: Pension transfer delays demand urgent reform, advisers say

Transfer delays highlight need for ten-day Pension Switch Guarantee

Sahar Nazir
clock • 2 min read

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...

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

DWP, TPR and FCA launch consultation on guided retirement to help 'resurrect' pensions

DWP, TPR and FCA launch consultation on guided retirement to help 'resurrect' pensions

Consultation covers how default pensions should work in practice

Holly Roach
clock 03 November 2026 • 6 min read
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