Variance in DC transfer times sees 'detrimental' impact to saver trust

Standardised communication recommended to aid advisers

Hope William-Smith
clock • 1 min read
Variance in DC transfer times sees 'detrimental' impact to saver trust

The variance in the time taken for defined contribution pension transfers to process is having a noticeable impact on confidence in the scheme type, the Pensions Administration Standards Association (PASA) has said.

Guidance published by the association yesterday (10 October) said some transfers were taking months to complete and processes were "lengthy and opaque".

PASA warned that schemes regulated by the Financial Conduct Authority "need to be mindful of changes - when they are transferring or receiving schemes - potentially arising out of the Consumer Duty consultation."

However, is for pensions administrators to better communicate hold-ups to all parties involved in a transfer, financial advisers included, PASA said.

The association added that time could be saved for advisers if they received required information "promptly" and in a standardised form.

"We recommend [pension] administrators adopt the industry-developed transfer template and ensure both the scheme and saver level information sections are fully completed and sent to savers' advisers on request," it stated.

More on Pensions

Gender pensions gap grows to £113,000

Gender pensions gap grows to £113,000

Report finds more than a third of women are likely to face poverty in retirement

Martin Richmond
clock 18 November 2025 • 3 min read
The FOMO-fuelled run on the pensions bank – where the Treasury is the only winner

The FOMO-fuelled run on the pensions bank – where the Treasury is the only winner

'You can't build a savings culture on a foundation of uncertainty'

Matt Storey
clock 17 November 2025 • 5 min read
Chancellor's potential salary sacrifice plan: A 'high risk gamble built on low quality data'

Chancellor's potential salary sacrifice plan: A 'high risk gamble built on low quality data'

Govt reportedly considering introducing a £2,000 salary sacrifice annual cap

Joseph Warne
clock 14 November 2025 • 4 min read

In-depth

The 'stark' impact of tax and pensions changes on special needs families

The 'stark' impact of tax and pensions changes on special needs families

Among hardest hit by ‘poorly consulted’ reforms

Jen Frost
clock 27 October 2025 • 8 min read
Reeves' rumoured ISA reforms risk 'harm' and diversification issues

Reeves' rumoured ISA reforms risk 'harm' and diversification issues

Concerns over rumoured £10k cash ISA cap and potential UK equity mandate

Sahar Nazir
clock 22 October 2025 • 5 min read
Rumoured Evelyn/RBC deal would turbocharge market share but large mergers 'notoriously complex'

Rumoured Evelyn/RBC deal would turbocharge market share but large mergers 'notoriously complex'

Sale ‘no surprise’ after Evelyn’s fund and professional services business offload

Isabel Baxter
clock 20 October 2025 • 6 min read