Pension transfers face problems in two out of five cases - research

Old pension schemes cause delays

clock • 2 min read

Almost two out of five pension transfers from old to new schemes are hit by delays and "reluctance" from providers to carry them out, new research has found.

MetLife said 38% of savers wanting to transfer out of their pension schemes were experiencing issues, with 21% saying their old scheme was reluctant to help, while 17% claimed it was delaying the transfer. Pension transfers are needed in some circumstances to enable people to benefit from pension freedom. The government has allowed all defined contribution savers to access their pots freely from age 55 but some old schemes are not able to facilitate full access. The regulator has already proposed to ban early exit charges for new pension freedom contracts and cap existing ones at 1% o...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

How retirement planning has transformed over the past 50 years

How retirement planning has transformed over the past 50 years

PPI report looks at the move from predictable pensions to personal responsibility

Jonathan Stapleton
clock 21 November 2024 • 3 min read
Act now: Planning for retirement is a concern for today

Act now: Planning for retirement is a concern for today

'Don't wait until tomorrow to think about retirement'

Andrew Tully
clock 20 November 2024 • 4 min read
Government publishes Pensions Investment Review interim report and launches DC and LGPS consultations

Government publishes Pensions Investment Review interim report and launches DC and LGPS consultations

Report published as Reeves delivered inaugural Mansion House speech

Jonathan Stapleton
clock 15 November 2024 • 4 min read