Why is it so difficult to switch a pension? Navigating the transfer maze

‘If I didn’t work in pensions, I might have simply given up on many occasions

clock • 4 min read

PensionBee’s Lisa Picardo shares her personal story of transferring a pension, something which just shouldn’t be that hard…

When I landed my first job in my 20s, my workplace pension felt like an afterthought – thrown at me with zero guidance. Defaults weren't a thing, investment choices were a guessing game, and engagement was non-existent. With no tech to simplify things, no paperwork that made sense of what it meant and no customer service to lean on, I did what many did: picked an option at random and then forgot about it. Looking back, it's clear how far the industry has come – but also how much further it still needs to go. Fifteen years later, after starting my own business, my pension remained neg...

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

HMRC repays £48.5m in overpaid pensions tax in third quarter of 2025

HMRC repays £48.5m in overpaid pensions tax in third quarter of 2025

Analysis finds savers have recouped more than £1.5bn since 2015 introduction of pension freedoms

Martin Richmond
clock 03 November 2025 • 4 min read
Govt ignores pension tax lock call as petition responses top 18,500

Govt ignores pension tax lock call as petition responses top 18,500

AJ Bell started petition; Govt forced to respond after 10,000 signatures

Jenna Brown
clock 23 October 2025 • 2 min read
How SIPPs and SSASs could help power the UK's energy goals

How SIPPs and SSASs could help power the UK's energy goals

'The role of pensions in supporting renewable energy deserves further consideration'

Caitlin Southall
clock 23 October 2025 • 4 min read