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Workplace pension providers causing delays in transfer market: PensionBee

by Emma Simon
March 31, 2025
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Savers continue to face delays when transferring pensions, with the average transfer taking 22.4 days in 2024.

The data, based on transfers to PensionBee, showed that transfers from many workplace pension providers and administrators were typically far slower than this average — although this includes those switching from DB arrangements where additional checks take place to ensure the transfer is appropriate.

PensionBee’s data shows that the the average transfer time among the 10 slowest providers was 44.2 days. This compares to an average of just 7.6 days among the 10 quickest providers. 

The analysis showed that the longest delays with from  XPS Administration, where it took an average 66.4 days to transfer a pension. 

Other workplace pension providers also recorded substantial delays, including Railpen (56.9 days) and the Local Government Pension Scheme (59.4 days).  

However, workplace pensions which also offer personal pension appear to have faster systems, with many now offering digital transfer methods rather than relying on paper-based processed. 

It took less than 10 days on average to transfer a pension from Aviva (5.1 days) Fidelity (7 days) and Standard Life (8.9 days). 

PensionBee is calling for the industry to adopt a ‘pension switch guarantee’, with all transfers to be processed electronically with 10 days. 

10 slowest transfer times for 2024

Provider Average Transfer time in calendar days Consented to transfer times being published on Origo Workplace or personal Provider or administrator
XPS Administration 66.4 No Workplace Administrator
Local Government Pension Scheme 59.4 No Workplace Provider
Railpen 56.9 No Workplace Provider
NatWest Cushon Master Trust 50.3 No Workplace Provider
Universities Superannuation Scheme (USS) 45.7 No Workplace Both
Virgin 41.3 No Personal Provider
Capita 37.2 No Workplace Administrator
Mercer 34.7 No Both Administrator
Scottish Friendly 26.1 No Both Provider
Aon Hewitt 24.3 No Workplace Administrator

10 quickest transfer times for 2024

Provider Average Transfer in time (calendar days) Consented to transfer times being published on Origo Workplace or personal Provider or administrator
Royal London 9.4 Yes Both Provider
Zurich 9.3 Yes Both Provider
Standard Life 8.9 Yes Both Provider
Hargreaves Lansdown 8.7 Yes Both Provider
Sanlam Investments & Pensions 8.6 No Both Provider
True Potential 7.3 No Personal Provider
ReAssure 7.1 Yes Both Provider
Fidelity 7.0 Yes Both Provider
Aviva 5.1 Yes Both Provider
Nutmeg 4.8 No Personal Provider

PensionBee says its data includes all ceding providers where at least 100 transfers have taken place. This cover both DC and DB pensions. It adds that figures for NatWest Cushon Master Trust also include Creative Pension Trust and The Salvus Master Trust. It also points out that some providers use Origo but do not consent to having their transfer times published.

PensionBee chief business officer UK Lisa Picardo says: “No one should have to endure months of waiting just to move their own money. While some pension providers are setting the standard with swift, digital transfers, others are stuck in the past, creating needless friction and delays. This continued inefficiency not only frustrates consumers but also undermines trust in the pension system.

“A pension switch guarantee would bring the industry up to speed, ensuring every saver can transfer their pension quickly, efficiently and hassle-free, to better engage with their retirement and take control of their financial future.”

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