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

Why documentation is king in the world of SSAS

Why documentation is king in the world of SSAS

'SSAS documentation - it isn't just best practice or a fiduciary requirement'

Caitlin Southall
clock 04 July 2025 • 4 min read
Steve Webb: Sceptical advisers should not give up on pensions dashboard

Steve Webb: Sceptical advisers should not give up on pensions dashboard

‘A big mistake to underestimate the impact it will have’

Jenna Brown
clock 03 July 2025 • 3 min read
What role can advisers play in closing the gender pension gap?

What role can advisers play in closing the gender pension gap?

Advisers are uniquely placed to influence the gender pension gap

Olivia Perry
clock 02 July 2025 • 7 min read

In-depth

Why Gen Z still trusts financial advisers in the age of finfluencers

Why Gen Z still trusts financial advisers in the age of finfluencers

A digital generation with a human touch

Sahar Nazir
clock 23 June 2025 • 4 min read
QROPS class actions: What next for frustrated UK expats?

QROPS class actions: What next for frustrated UK expats?

Calls for reform across the board as insurers fight back in IoM

Isabel Baxter
clock 29 May 2025 • 7 min read
AI on trial: FCA's Live Testing opens new path for advisers

AI on trial: FCA's Live Testing opens new path for advisers

Offering regulated firms a controlled space to trial advanced technologies

Sahar Nazir
clock 21 May 2025 • 7 min read