UK Gov't Should Make Switching Pensions Easier, Firm Says
By Martin Croucher (September 27, 2021, 4:06 PM BST) -- The government should cut the amount of red tape involved in switching to an alternative retirement savings provider, ensuring that money transfers are carried out within 10 days, a pensions company said Monday.
PensionBee said that despite regulation that requires account switches to be carried out within seven days, the average pension transfer with paper-based records can take up to 34 days.
The company carried out a survey of 248 Britons this month, discovering that just 26% of customers found switching their workplace savings provider easy, compared to 73% of those who switched their home insurance provider.
"Pensions urgently need...
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