PensionBee Report Uncovers 1,000-Day Pension Transfer Delays, Calls for Urgent Reform

Private pension provider PensionBee has launched a scathing attack on the UK’s pension transfer system, publishing a report that reveals shocking delays—some stretching over 1,000 days—and calling for the introduction of a legally enforced 10-day Pension Switch Guarantee.

The report, A Switch In Time, produced with consultancy the lang cat, exposes widespread inefficiencies and rogue practices that continue to undermine consumer trust and harm retirement outcomes. While some transfers take under seven working days, others drag on for months or years. In one extreme case, a financial adviser reported a client waiting nearly three years for a transfer to complete.

These delays, the report warns, are not only unnecessary but may breach the FCA’s Consumer Duty rules, which require firms to deliver good outcomes for customers. Nearly 80% of advisers surveyed say such delays damage trust in the financial services industry, and over 95% support legislation enforcing faster switching.

The findings also show that while a handful of providers—like PensionBee—achieve average transfer times under 10 days, the worst performers average over 66 days. The report calls for urgent reform of the ‘Amber and Red Flag’ system used to prevent pension scams, which is often cited as a reason for delays.

Lisa Picardo (who is talking at our Industry Summit), the Chief Business Officer at PensionBee, said: “The system is rewarding poor behaviour and punishing consumers. It’s time for meaningful legislation, not more excuses.”

The report urges regulators and the government to introduce binding service standards, greater transparency, and penalties for persistent offenders.

This is what is fundamentally wrong with pension transfers, it is not so eaasy to move bank accounts with the bank account switch guarantee, you can switch mobile phone networks, there is no reason why switching to a better SIPP provider cannot be as simple.