The slowest pension providers and administrators are taking up to 18 times longer to transfer savers’ money than the fastest, new data from PensionBee has revealed.
Analysis of average transfer-in times from 35 major pension providers and administrators across the UK to PensionBee for 2025 found that while the fastest completed transfers took five days, the slowest took between 47 and 90 days.
The overall industry average transfer time remained broadly unchanged at 23 days in 2025, compared to 21 days in 2024.
PensionBee said performance issues sit at the bottom of the table, where delays in 2025 have increased transfer times even beyond where they were a year earlier. Notably, these transfers are either from providers that are mostly regulated by The Pensions Regulator rather than the Financial Conduct Authority or are handled by third-party administrators who are not in the scope of either regulator.
The pension provider said the result was a divided market with some providers embracing technology and digital processes that are regulated by the FCA making them more efficient; while others continue to take months to move savers’ money.
Lisa Picardo, chief business officer UK at PensionBee, said: “Whilst we’re encouraged to see more firms embracing digital and delivering real improvements, the progress is mixed. The providers languishing at the bottom of the table may be failing to invest and modernise, adopting ‘sludge practices’ that serve as a blocker for consumers seeking to engage, or a combination of both. Regardless, leaving savers’ pensions stuck and out of sight for months on end is simply not acceptable.
“With Pensions Dashboards set to connect millions of people to their retirement savings for the first time, we’re approaching a once-in-a-generation moment for increased engagement and the improvement of retirement outcomes. But discovery is only half the story – savers need to be able to act on what they find and take control of their money.”
PensionBee is calling upon the Government to fix the issue by cutting the six-month statutory transfer deadline to 30 working days, keeping pace with the rest of the financial services ecosystem.
“Ultimately, this is savers’ money, and their experience of transferring their pensions should not depend on a lottery of which ceding provider or administrator manages their pot. The processes, infrastructure and technology already exist to support smooth and efficient transfers but the legislation now needs to work harder to give firms that are failing to respect consumer rights the impetus they need to finally raise their game,” Picardo added.
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