Switching pensions is a labourious, time-consuming task. In a move to try and speed up the pace at which moves take place, PensionBee, the pension management firm, is urging the government to introduce a legally enforceable 10-day pension switch guarantee.
Year after year, millions of consumers try to take control of their retirement savings, but they find themselves blocked from moving their money by outdated processes, unnecessary red tape and excessive delays.
Transfers that should take days often stretch into weeks or even months, with savers left in the dark about where their hard-earned money is, and when – or if – their transfers would go through.
The petition is part of PensionBee’s wider 10-day pension switch guarantee campaign, aiming to modernise pension transfers and give savers more control over their retirement savings.
It follows the launch of PensionBee’s report, Ending Pension Purgatory, the second report in the campaign focusing on consumers’ experiences. Previously, PensionBee released its A Switch in Time report, which shone a spotlight on some of the best and worst-performing companies when it comes to pension transfers.
The petition warns that unless urgent action is taken, millions will continue to suffer at the hands of a broken system – while poorly performing providers profit from inertia and confusion.
Lisa Picardo, chief business officer at UK PensionBee, said: “In 2025, people can switch their bank account in a week and send money instantly – so why are pensions still stuck in the Stone Age?
“Consumers deserve better when it comes to their hard-earned, critically important retirement savings. Delays have real opportunity costs – hampering engagement, costing people real money, limiting their choices, and undermining trust in the whole pensions system. We’re calling on the government to set clear, enforceable and modern standards so people can move their pension in 10 days or less – no excuses.
“The longer we delay reform, the more savers lose out. Let’s fix this now and put the power where it belongs.”
