PensionBee is urging the government to introduce a legally binding 10-day limit on pension transfers.
The petition is part of PensionBee’s campaign to speed up pension transfers and give savers more control. It follows its latest report titled ‘Ending Pension Purgatory’, which highlights how badly the system is failing consumers.
Many people face long delays when trying to move their pension, often waiting weeks or months, with little information about where their money is or when it will arrive. Pensionbee says outdated systems and unnecessary red tape are to blame.
Pensionbee says that unless the government steps in, slow transfers will continue to harm savers while poor-performing providers profit from delays.
PensionBee chief business officer UK Lisa Picardo says: “In 2025, people can switch their bank account in a week and send money instantly – so why are pensions still stuck in the Stone Age?
“Consumers deserve better when it comes to their hard-earned, critically important retirement savings. Delays have real opportunity costs – hampering engagement, costing people real money, limiting their choices, and undermining trust in the whole pensions system. We’re calling on the government to set clear, enforceable and modern standards so people can move their pension in 10 days or less – no excuses.
“The longer we delay reform, the more savers lose out. Let’s fix this now and put the power where it belongs.”