One in three (28%) Britons who have attempted to switch pension providers found the process ‘difficult’, according to research by Which?
One in 10 (10%) said the process took more than three months and up to six months to complete, with a further one in 10 (10%) saying they eventually gave up on the process.
The consumer group surveyed 1,360 Which? Members between October and November 2025 about their experiences trying to consolidate or transfer their pension pots, of which 101 had attempted a transfer in the last three years.
There has been a rise in transfer volumes in recent years, and with the imminent introduction of pensions dashboards, more people are likely to be engaging with their retirement plans and taking steps to consolidate their pension savings. However, Which? said there is concern the current system is not fit for purpose, warning that pension transfer delays can have “serious financial and emotional consequences” for savers who risk missing out on investment growth, paying unnecessary fees and having their retirement timeline disrupted.
Jenny Ross, money editor at Which? said: “We repeatedly hear of savers facing agonising pension transfer delays that cost them both financially and emotionally.
“When pensions dashboards finally arrive later this year, it’s likely that even more people will be wanting to take charge of retirement plans and combine their pension savings, but the current transfer system is just not fit for purpose. It’s essential the industry urgently gets to grips with the issues facing pension savers and ensures a consistent service for those moving their retirement pots.”
AJ Bell warned that proposals from the Financial Conduct Authority that would require firms to gather information from a person’s old scheme and present it to them before transferring risk causing further transfer backlogs.
Under the proposals, consumers transferring pensions will be asked if they want a comparison between their current and new schemes. Unless they opt out, they must consent for the new scheme to request information from their existing one.
Rachel Vahey, head of public policy at AJ Bell, said: “Regulatory and industry focus has rightly been fixed on improving transfer processes in recent years, helping more people make the most of their retirement savings and, where appropriate, consolidate pensions so they are more straightforward to manage.
“But the FCA’s recent proposals risk making the situation worse, by lengthening the time to complete transfers and ramping up the frustration caused to pension savers. Given Which?’s research found one-in-ten people already give up on transferring due to the difficulties involved, lumping on further delays will only add to the existing problems with the system.”
AJ Bell is calling for the FCA, Department for Work and Pensions and The Pensions Regulator to work together on developing alternative solutions to ensure pension savers with valuable guarantees and protections fully understand their benefits and the risks of losing them through transfers. This could be in the form of regular communication, such as including this in the annual benefit statement or in the longer term as part of the information held on Pensions Dashboards, the investment platform said.
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