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.”
