PensionBee demands 10-day pension transfer guarantee to protect UK savers
PensionBee is pushing for major changes to speed up pension transfers across the UK. The company warns that current delays are harming savers, with 63% saying slow transfers make it harder to manage retirement plans. A new campaign calls for a universal 10-working day deadline to replace the existing six-month process.
The Financial Conduct Authority (FCA) proposed reforms in December 2025, including a four-week limit for simple transfers and stricter fraud checks. However, PensionBee argues these changes do not go far enough. The firm insists that limiting reforms to FCA-regulated providers would miss a large portion of transfers handled by other schemes.
PensionBee wants a single, unified system covering all pension providers, including those under The Pensions Regulator (TPR) and third-party administrators. The company warns that partial reform risks creating a two-tier system, leaving some savers with slower service. Lisa Picardo, Chief Business Officer at PensionBee, stated that consumers expect transfers to be fast, secure, and hassle-free—no matter who regulates their pension.
A public petition backing PensionBee's 10-day Pension Switch Guarantee has gathered 16,729 signatures. The campaign urges the FCA, DWP, and TPR to work together on a consistent transfer process. Without full coordination, the firm claims, delays and inefficiencies will persist.
The call for reform comes as 63% of savers support a legally enforced maximum transfer time. PensionBee's proposal aims to cut waiting times from months to days, ensuring all defined contribution schemes meet the same standard. If adopted, the changes would apply to the entire UK pensions market.
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