Switching pensions is a labourious, time-consuming process. In a transfer to attempt to pace up the tempo at which strikes happen, PensionBee, the pension administration agency, is urging the federal government to introduce a legally enforceable 10-day pension swap assure.
Yr after yr, hundreds of thousands of shoppers attempt to take management of their retirement financial savings, however they discover themselves blocked from transferring their cash by outdated processes, pointless crimson tape and extreme delays.
Transfers that ought to take days typically stretch into weeks and even months, with savers left at midnight about the place their hard-earned cash is, and when – or if – their transfers would undergo.
The petition is a part of PensionBee’s wider 10-day pension swap assure marketing campaign, aiming to modernise pension transfers and provides savers extra management over their retirement financial savings.
It follows the launch of PensionBee’s report, Ending Pension Purgatory, the second report within the marketing campaign specializing in shoppers’ experiences. Beforehand, PensionBee launched its A Change in Time report, which shone a highlight on a few of the finest and worst-performing firms in terms of pension transfers.
The petition warns that until pressing motion is taken, hundreds of thousands will proceed to undergo by the hands of a damaged system – whereas poorly performing suppliers revenue from inertia and confusion.
Lisa Picardo, chief enterprise officer at UK PensionBee, mentioned: “In 2025, individuals can swap their checking account in every week and ship cash immediately – so why are pensions nonetheless caught within the Stone Age?
“Shoppers deserve higher in terms of their hard-earned, critically vital retirement financial savings. Delays have actual alternative prices – hampering engagement, costing individuals actual cash, limiting their selections, and undermining belief in the entire pensions system. We’re calling on the federal government to set clear, enforceable and fashionable requirements so individuals can transfer their pension in 10 days or much less – no excuses.
“The longer we delay reform, the extra savers lose out. Let’s repair this now and put the facility the place it belongs.”