Savers continued to face "unnecessary" delays when transferring their pensions, with some transfers taking over two months to complete, PensionBee analysis has revealed.

Despite longstanding concerns from regulators and consumer groups, the group warned that progress has remained slow, and transfer times for many customers are lengthy.

In 2024, the average transfer time among providers that transferred pensions to PensionBee was 22.4 days, highlighting the "continued inefficiencies" in the pension transfer process since the Financial Conduct Authority (FCA) first identified delays as a problem in 2015, according to PensionBee.

The average transfer time from the ten quickest providers was 7.6 days, compared to the slowest ten, which averaged 44.2 days to complete a transfer.

While some providers have embraced faster, digital transfer methods, some pension administrators rely on outdated paper-based processes, leading to "unnecessary bottlenecks," PensionBee added.

Indeed, providers such as Aviva (5.1 days), Fidelity (7.0 days), and Standard Life (8.9 days) demonstrated that swift electronic transfers were possible, suggesting that better industry practices could avoid the worst delays.

PensionBee UK chief business officer, Lisa Picardo, commented on the findings: “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 frustrates consumers and undermines trust in the pension system," she continued.

“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.”

The average pension transfer time increased by 17 per cent over the three years to 2023, rising from 10.7 days in 2020 to 12.5 days last year.

The rise in average transfer times coincided with the introduction of measures to help protect pension savers against the threat of scam transfers, with regulations to block suspicious transfers introduced in 2021.

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