The majority (82 per cent) of advice professionals believe that poor pension switching experiences are harming the reputation of the financial services industry, research from PensionBee has found, prompting renewed calls for a 10-day Pension Switch Guarantee.

The research, which gathered views from over 160 advice professionals, found that more than three quarters (79 per cent) think that transfer delays have a moderate to severe negative impact on trust in pensions.

PensionBee said that its research has revealed a "stark picture" of a system buckling under outdated processes, inconsistent standards, exploitation and lack of regulatory enforcement, suggesting that some firms are routinely taking several months or more.

Indeed, its data suggested that more than one in six advisers have experienced a pension transfer taking longer than a year.

In one extreme case, PensionBee found that an adviser reported a 1,000-day wait for a single transfer.

Given these delays, PensionBee stressed the need for government and regulators to take action and help modernise the pension transfer system, arguing that a 10-day Pension Switch Guarantee is "urgently needed".

PensionBee UK chief business officer, Lisa Picardo, said: “There should be no more excuses – we’re in 2025, and yet we’re still hearing from advice professionals that consumers are waiting a year, or sometimes even three, for a pension switch to complete.

“Aside from these delays eroding trust in the system and causing embarrassment for the industry at large, they’re critically harming consumers and worsening retirement outcomes. Delays in pension transfers prevent people from simplifying and better managing their pensions.

“There’s nowhere to hide; the data highlights exactly where the problems lie, and it shows that the adviser community wants change. It’s time for the regulator and government to drive the modernisation of the industry through regulation, and for the worst offenders to be held to account.

"It’s time to finally give consumers the fast, fair and functional pension transfer system they deserve.”

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