Which? warns savers are giving up on moving their pensions due to lengthy delays

Which? surveyed 1,360 Which? members between October and November 2025 about their experiences trying to consolidate or transfer their pension pots, of which 101 had attempted to transfer a pension in the last three years. There are many potential benefits that come with transferring or combining your pension savings, from the opportunity to benefit from lower fees with a different provider, to reducing future admin by having everything in one place.

However, under the Pension Schemes Act 1993, providers are permitted to take as long as six months to complete a transfer request, and as Which?’s latest survey shows, savers are regularly facing considerable hurdles when combining or transferring their pension. 

Three in ten respondents (28%) told Which? that the process of transferring their pensions was either difficult or fairly difficult, and one in ten (10%) said the process took more than three months and up to six months to complete. 

Most concerningly, a further one in ten (10%) said they eventually gave up on the process.

The industry has witnessed rising transfer volumes in recent years, and with the imminent introduction of pensions dashboards, more people are likely to be engaging with their retirement plans and taking steps to consolidate their pensions savings. However, Which? is concerned the current system is not fit for purpose.

John Wilson, 61, from Fife, was forced into early retirement following a diagnosis of Parkinson’s. He decided to consolidate three of his pension pots in order to make them easier to manage, but while two of the transfers were completed within a few months, the third took a staggering 15 months to resolve.

Initially, Mr Wilson was told that the firm had to disinvest money from his main fund – a standard practice in defined contribution pension transfers – and this is what caused the delays. After six months, Mr Wilson became concerned. He said: “I was worrying a lot about what was going on. It affected my sleep… Looking back, it really did affect my mental health.” This stress was compounded by Mr Wilson undergoing a triple heart bypass during the same period.

During the protracted wait, Mr Wilson began to question the safety of his savings. “You do hear about pension scams, so it crossed my mind as things started to drag on,” he told Which?. When the transfer finally went through, he said it was a “huge relief”. After complaining, he received compensation for the delay but felt there was “no acknowledgement” of the “discontent and distress” caused.

John Wilson is not alone in his scam concerns. Independent financial advisor John Helfgott told Which? about a shocking nine-month wait faced by one of his clients. Eventually the client’s children feared their father was being scammed and told him to report it to the police - though fortunately the transfer was completed before the report was taken further. “The delay caused a huge amount of unrest for the client,” said Mr Helfgott. “He was very, very frustrated and angry - and rightly so. I can’t imagine how he felt when his family said he could be being scammed by me.” Mr Helfgott said that such delays are “deeply embarrassing” and ultimately undermine the trust advisers have built with their clients. 

There are two systems currently in place for tracking transfer time - Origo and STAR. The STAR initiative is a voluntary system for tracking transfer speeds, while Origo is the commercial platform many providers use for electric transfers. Because not all firms are required to report their data through these systems, it can sometimes be difficult to build a transparent picture of exactly how long transfers take.

Pension transfer delays are no small issue, and they can have serious financial and emotional consequences for savers who risk missing out on investment growth, paying unnecessary fees and even having their retirement timeline disrupted. 

There are a number of problems currently causing bottlenecks for savers, from antiquated processes - often requiring ‘wet’ ink signatures - to what is known in the industry as 'sludge practices’. This is when a warning flag system built to help protect savers from scammers is misapplied to legitimate requests. A transfer will be stopped immediately in the case of a red flag - for example a transfer made after a cold call - and amber flags will pause a transfer and require the saver to have a meeting with MoneyHelper. While the scheme serves an important function, amber flags can be relatively easily triggered, adding friction for savers.  

The FCA is proposing new measures to better support non-advised consumers making transfer decisions, which Which? believes should allow for a faster overall timeframe while ensuring savers have the right information at their disposal at the start of the process. 

The reforms will propose a 10-day data-sharing deadline, clear side-by-side comparisons for new and old schemes, and an industry-wide acceptance of digital signatures to help consumers make more informed decisions. The FCA notes that these rules add a step to the decision-making process but argues they won’t delay the transfer once you’ve applied. The FCA told Which? that its review found that more than 75% of sampled firms completed pension transfers within 10 days*. It also stated that the new proposals would provide consumers with ‘clearer, more timely and more meaningful information when considering a transfer’. 

Jenny Ross, Which? Money Editor, said:

“We repeatedly hear of savers facing agonising pension transfer delays that cost them both financially and emotionally.

 “When pensions dashboards finally arrive later this year, it’s likely that even more people will be wanting to take charge of retirement plans and combine their pension savings, but the current transfer system is just not fit for purpose. It’s essential the industry urgently gets to grips with the issues facing pension savers and ensures a consistent service for those moving their retirement pots.”

-ENDS-

Notes to editors:

Find free Which? advice on planning for retirement here.

*FCA notes that ‘within 10 days’ only applies where no extra government mandated scam checks were required.

Research

-Between October and November 2025, Which? surveyed 1,360 members of the Which? Connect panel online, asking about their experiences of making pension transfers. 101 people said they’d attempted to transfer a pension pot in the last three years.

-Link to case study photos here.

How does the pension transfer process work?

The Consumer Duty Alliance's Retirement Income Taskforce has set out what the different stages of transferring a pension should look like:- Do your researchCompare schemes to ensure they meet your needs. If unsure, seek advice. If you’re looking to transfer a defined benefit (DB) pension worth £30,000 or more, you’re required by law to get advice. The FCA believes it’s in most people’s interests to keep their DB pension, as moving to a defined contribution scheme means giving up a guaranteed lifetime income. 

-Start your transfer

 Request a statement of your pension transfer value from your current provider. Next, apply to your new provider to start the move. It’ll guide you through and request any paperwork needed. Once submitted, timing depends on your pension type (personal pensions move quickly, but complex workplace or defined benefit schemes take longer) but providers must perform safety checks. To avoid delays, complete forms accurately and promptly. Stay in touch with both providers to track progress. If transfers exceed three months without reason, it may justify you making a complaint. 

-Wait for notification

You’ll be notified once your transfer is complete. You should then review statements from your new pension account to ensure they’re correct. You usually have 30 days to cancel the transfer, but your previous provider might refuse to take it back, and if the value drops, you could get less back. 

What to do if your transfer is delayed?

During your pension transfer, keep a record of every interaction with your pension providers, including emails, phone calls and wait times.- Aim to get everything in writing. This creates a paper trail you can use if you need to submit a complaint. If you’re unhappy with how long it’s taking to transfer your pension, contact your provider first to explain the issue and request a specific fix, such as compensation for financial losses. It has eight weeks to issue a final response.- If unsatisfied, escalate your complaint to the Financial or Pensions Ombudsman. You can submit this through their online complaint forms.

About Which? 

Which? is the UK’s consumer champion, empowering people to make confident choices and demand better. Through our research, investigations and product testing, we provide trusted insight and expert recommendations on the issues that matter most to consumers.

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