The Investing and Saving Alliance (TISA) has outlined nine recommendations to the government and regulators aimed at reforming the pension transfer system.

Its Pension Transfer Manifesto builds on the work of the Personal Pensions Analysis report published earlier this year.

TISA warned that outdated rules, inconsistent checks, and slow manual processes risked leaving pension savers in ‘transfer limbo’ and eroding consumer trust.

The organisation called for a 30-working-day backstop for ‘straightforward’ cash transfers to be implemented, alongside a more digitised and consistent transfer system ahead of the launch of pensions dashboards.

It argued that the introduction of a standardised due diligence checklist would help stop delays to genuine transfers, while clearer expectations for how quickly pension transfers should be completed, based on a digital-first approach, was also recommended.

Other recommendations included providing members with clear, consistent pre-transfer guidance; updating anti-scam rules and guidance; developing formal clean-list guidance; promoting the wider adoption of STAR accreditation; and introducing a single, cross-regulatory defined contribution pension transfer regime.

“The current pension transfer system is too often a barrier to the very engagement we are asking consumers to show,” commented TISA head of policy: products and long-term savings, Renny Biggins.

“Savers are being encouraged to track down old pots, consolidate where appropriate and take greater ownership of their retirement, but the process for moving their money can be slow, inconsistent and difficult to navigate.

“For many people, a transfer may be the first time they properly engage with their pension, so a poor experience risks damaging trust at exactly the moment we need to build it.

“As the pensions dashboards gives people greater visibility of their savings, we should expect more consumers to consider bringing pensions together. The system has to be ready to support this shift.

“Our manifesto sets out how we can move towards a safer, more consistent and more efficient transfer framework, built around informed decisions that promote consumer choice, consumer confidence and better retirement outcomes.”

The government recently published a consultation on measures to strengthen protections against pension scams and reduce transfer delays, including proposals to remove the overseas investment amber flag and make it easier to transfer to 'reputable' schemes.

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