Government Action Demanded by PensionBee Over Delays in Pension Transfers
In early August 2025, PensionBee, a leading digital pension provider, launched a national petition calling for a legally enforceable 10-day pension switch guarantee in the UK [1][2][4][5]. The petition aims to address the significant delays and outdated processes that currently plague millions of savers attempting to transfer their retirement savings.
PensionBee's Chief Business Officer, Lisa Picardo, expressed the urgency of the matter, stating that pensions are still stuck in the Stone Age while bank account switching can be accomplished in a week and money can be sent instantly [6]. Transfers that should take days often stretch into weeks or even months, leaving savers in the dark about the status of their transfers.
The petition reflects the overwhelming consumer support for reforms, including penalties for delays and clearer rights to switch pensions. Nearly half of pension transfer consumers find the current process difficult, with some providers taking over 60 days to complete transfers [1][3][5]. The petition also calls for a joint regulatory taskforce to oversee the implementation and digitization of the pension transfer system [3].
The petition highlights the real opportunity costs of delays in pension transfers, including hampering engagement, costing people money, limiting choices, and undermining trust in the pensions system. PensionBee's campaign is part of a wider effort to modernize pension transfers and give savers more control over their retirement savings [7].
PensionBee's call to action is directed towards the government to improve the pension transfer system. The longer the reform of the pension transfer system is delayed, the more savers stand to lose [8]. The petition is available for signing at a specified online location [9].
Previously, PensionBee released a report titled "Ending Pension Purgatory," which focused on consumer experiences with pension transfers [10]. The report highlighted the best and worst performing companies when it comes to pension transfers.
References: 1. PensionBee launches petition for 10-day pension switch guarantee 2. PensionBee calls for 10-day pension switch guarantee 3. PensionBee urges government to act on pension transfer delays 4. PensionBee petition for 10-day pension switch guarantee 5. PensionBee's call for a faster, fairer pensions system 6. PensionBee's Chief Business Officer on the need for pension reform 7. PensionBee's wider campaign to modernize pension transfers 8. PensionBee's call to action to fix the pension transfer system 9. Sign the PensionBee petition for a 10-day pension switch guarantee 10. PensionBee's "Ending Pension Purgatory" report
- The petition, initiated by PensionBee, aims to address issues in personal-finance and business sectors, requesting a 10-day pension switch guarantee in the UK to improve the current pension transfer system, which often takes days to stretch into weeks or even months.
- PensionBee's campaign is not only about the pension transfer system but also focuses on modernizing personal-finance management, emphasizing the significant delays and outdated processes in the current system that affect millions of savers.
