New research from Which? has highlighted ongoing concerns around pension transfer times, with nearly a third of savers finding the process difficult and one in ten abandoning transfers altogether.

The findings sit against a backdrop of increasing transfer activity, with around 1.7 million pension transfers taking place in 2025, alongside continued scrutiny from the Financial Conduct Authority on how the system could be reformed.

Commenting in Professional Pensions and Corporate Adviser, Senior Partner Anna Rogers notes that while there is clearly scope for improvement, the current position needs to be understood in its proper legal context.

Anna observes that, given the complexity of the framework, it is “actually impressive that so many transfers are completed within 10 days”.

She highlights the particular pressures facing defined benefit schemes, where trustees are operating within an increasingly demanding regulatory environment, often with limited resources. The transfer regime, she explains, is not designed for speed, but to ensure that transfers are carried out correctly and that members are properly protected.

Partner Ben Fairhead adds that many trustees take a pragmatic approach, allowing transfers that appear legitimate to proceed even where flags under the Transfer Regulations might exist. However, he notes that a more cautious approach is difficult to criticise, given ongoing issues with the current Regulations.

Looking ahead, Ben emphasises the importance of improving member experience within the existing safeguards. In particular, where a transfer is referred to MoneyHelper, the process should take weeks rather than months, and members should be kept informed throughout. Extended periods of silence, he notes, should not form part of the transfer journey.

Read Anna and Ben’s comments in Professional Pensions and Corporate Adviser.