Legislate to mandate offer of electronic pension transfers and higher standards

Summary

You can switch banks in a week and send money instantly, so why should pension transfers take months and be so stressful? Only the government has the power to change this, so we’re asking them to take action and set clear, enforceable standards for faster, electronic pension transfers. 63% of savers believe delays in pension transfers hinder effective retirement planning. Yet we think some providers persist with outdated, paper-based processes. At best, we think this may cause stress and confusion. At worst, we think it may deter people from moving their money, trapping them in poor-value, or unsuitable funds. Some providers already offer secure, electronic transfers. We think it’s time to mandate this across the industry for fairer, efficient retirement savings.

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