New data from PensionBee, a leader in the consumer retirement market, reveals that the slowest pension providers and administrators are taking up to 18 times longer to transfer savers’ money than the fastest.
Analysis of average transfer-in times from 35 major pension providers and administrators across the UK to PensionBee for 2025, found that while the fastest completed transfers took just five days, the slowest - including Cushon Master Trust and Creative Pension Trust (recently acquired by WTW from NatWest), XPS Administration, LGPS and Capita - took between 47 and 90 days, leaving retirement savers routinely waiting months just to move their own money.
The overall industry average transfer time remained broadly unchanged at 23 days in 2025 as compared to 21 days in 2024. This was largely driven by the top 20 providers or administrators either improving or holding steady their transfer times, demonstrating that efficient pension transfers are achievable at scale when providers prioritise customer experience and embrace digital processes.
A transfer lottery for for pension savers
The real performance issues sit at the bottom of the table, where delays in 2025 have increased transfer times even beyond where they were in 2024.
Notably, these transfers are either from providers that are mostly regulated by The Pensions Regulator (TPR) rather than the Financial Conduct Authority (FCA), or are handled by third-party administrators who are not caught by either regulator; and they do not use electronic transfer platforms (such as Origo), or voluntarily publish their transfer times.
The result a bifurcated market: at one end, providers embracing technology and digital processes that are regulated by the FCA and thus must abide by the Consumer Duty, becoming more efficient and achieving faster transfer times; and at the other, those regulated by TPR (or not at all) still taking months to move savers’ money and languishing behind.
This is why PensionBee is publishing its data - to shine a light on the issue of pension transfers and the firms that are all too easily able to hide from plain sight.
Lisa Picardo, Chief Business Officer UK at PensionBee, said: “Building on the momentum of our ongoing Pension Switch Guarantee campaign, we’re now publishing our 2025 pension transfer data, to shine a light on the true spectrum of consumer experience when it comes to moving their hard-earned retirement savings.
“Whilst we're encouraged to see more firms embracing digital and delivering real improvements, the progress is mixed. The providers languishing at the bottom of the table may be failing to invest and modernise, adopting ‘sludge practices’ that serve as a blocker for consumers seeking to engage, or a combination of both. Regardless, leaving savers' pensions stuck and out of sight for months on end is simply not acceptable.
“With Pensions Dashboards set to connect millions of people to their retirement savings for the first time, we're approaching a once-in-a-generation moment for increased engagement and the improvement of retirement outcomes. But discovery is only half the story - savers need to be able to act on what they find and take control of their money.
“PensionBee, and other leading personal pension providers, are calling on the Government to fix the issue once and for all, with measures including an update of the six-month statutory transfer deadline to 30 working days - keeping pace with modern consumer expectations and the rest of the financial services ecosystem. The 2021 Transfer Regulations also need a revamp to end unnecessary ‘amber flagging’ of perfectly legitimate transfers, and refocus industry resources on real scam prevention.
“Ultimately, this is savers' money, and their experience of transferring their pensions should not depend on a lottery of which ceding provider or administrator manages their pot. The processes, infrastructure and technology already exist to support smooth and efficient transfers - but the legislation now needs to work harder to give firms that are failing to respect consumer rights the impetus they need to finally raise their game.”
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