A national petition urging the government to introduce a legally enforceable 10-day pension switch guarantee has been launched by PensionBee, amid growing frustration over the current pace of pension transfers.

The petition builds on recent research from PensionBee, which raised concerns over the "glacial" pace of current pension transfers, revealing that nearly half (46 per cent) of consumers who've transferred a pension found the process difficult. 

Given this, the group warned that millions of consumers trying to take control of their retirement savings have found themselves blocked from moving their money by outdated processes, unnecessary red tape and excessive delays.

PensionBee also warned that, unless urgent action is taken, millions will continue to suffer at the hands of a broken system, while poorly performing providers profit from inertia and confusion.

The petition is part of PensionBee’s wider 10-day pension switch guarantee campaign, which is intended to help modernise pension transfers and give savers more control over their retirement savings.

PensionBee chief business officer UK, Lisa Picardo, said: “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.”

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