If you’ve ever tried to move your pension and found it confusing or slow, you’re not alone. Many people in the UK struggle to transfer their pension from one company to another. Sometimes it takes weeks or even months, which can be stressful and frustrating. And the problem is widespread - with pension switching now the second most difficult life admin task after moving house.
A Pension Switch Guarantee would make it easier and faster to move your pension. And with more frequent job switching and pensions being left behind, it’s fast becoming an everyday necessity. We’re currently petitioning the government to make this a reality.
Chief Business Officer UK at PensionBee, Lisa Picardo says: “A 10-day Pension Switch Guarantee would give savers the confidence and clarity they deserve, helping more people prepare for retirement. We’re delighted to see thousands already backing this important cause by signing our petition, and we urge even more people to add their voices.”
Why do pension transfers take so long?
Currently, millions of customers are waiting months in ‘pension purgatory’ to move their money. While others feel nervous or confused by the slow process. According to PensionBee research, nearly half of consumers found the transfer process difficult. While 63% believe these delays are actively harming their retirement planning.
So why are some pension companies taking far too long to complete a transfer?
Outdated paper-based processes
One key reason is providers using inefficient processes. Rather than embracing digital methods, some providers are still relying on manual paperwork to complete transfers. At the extreme end of the scale, XPS Administration recorded an average transfer time of 66.4 days. Two workplace pension administrators, Capita and Aon Hewitt, recorded transfer times of 37.2 days and 24.3 days.
Deliberate stalling tactics
As there are no strict rules that say how fast a transfer has to be, it’s easy for providers to delay things, sometimes for no good reason. It could be that they think customers will be less likely to move to a new provider if the transfer process is difficult. Or it could be because they want to delay transfers for as long as possible while they continue to earn their fee.
PensionBee has consistently recorded a transfer out time of 10 days. This clearly shows that swift and efficient transfers are possible.
The Pension Switch Guarantee explained
Chief Business Officer UK at PensionBee, Lisa Picardo says: “In 2025, people can switch their bank account in a week - so why are pensions still stuck in the Stone Age?”
The Pension Switch Guarantee is a campaign from PensionBee calling for new legislation where pensions must be transferred in 10 days or less. The idea is simple - if we can switch bank accounts in seven days, why not pensions too?
This isn’t wishful thinking. Leading pension providers have already proven it’s possible, with some transfers completing in just six days while others drag on for five months or more.
To drive momentum for change, PensionBee is calling for:
- a 10-working day regulatory standard for pension switches;
- transparent, public reporting on pension provider performance;
- fines for pension providers that don’t meet the deadline; and
- better protections against scams that don’t sacrifice speed.
What do people think?
Currently, transfers that should take days often stretch into weeks or months. Some are left wondering when - or if - their transfers will complete. These delays can be costly, limiting consumer choices and undermining trust in the pension industry.
Support for a simpler pension switch process is clear. The same PensionBee research found that 45% of consumers think transfers should be finished within 10 working days. A further 85% want to be reminded annually when they receive their pension statement that they have a right to choose their pension provider and switch.
Sign our petition today
Too many people face long and frustrating waits when trying to take control of their pensions. This simply isn’t good enough in 2025. But the Pension Switch Guarantee isn’t just about efficiency. Making pension transfers faster and clearer would:
- save people stress;
- make pensions easier to understand; and
- build trust in the pension system.
Ready to make your voice heard? Sign our government petition today and help build a faster, fairer pensions system for everyone. In the first two weeks, our petition reached over 2,000 signatures. Help us reach 10,000 and the government will be required to respond. At 100,000 signatures, the topic will be considered for parliamentary debate. Your signature could be the one that tips the balance!
Visit our 10-day switch guarantee page to find out more.
