UK. The worst pensions firms for transfers that take up to 62 days to release cash
Meanwhile, the quickest time is offered by Aviva at just 12 days, according to research.
Consolidator service PensionBee analysed almost 52,000 transfers by customers who joined the firm since 2016, with the sample size for each provider ranging from 141 to 7,914 cases.
It found that apart from Mercer, the slowest pension providers were Now Pensions, taking an average of 61 days, while Capita took 45, Willis Towers Watson took 42, and Smart Pension took 36.
Overall, the average time across the 24 firms was 20 days. By moving your pension into one place, you’ll only have to pay one set of fees while it might make it easier to keep track of your money.
Transfer delays could mean you’re hit with extra fees, and you’re potentially also missing out on better returns.
Although, if you’re looking to transfer your pension then you should consider any exit fees and whether you’ll lose guaranteed annuity rates.
Regulations require providers to complete transfers within six months, but PensionBee is calling for the time to be slashed to just 20 days.
Transfers can take a long time to complete to ensure the money’s going to the right place, while larger amounts require you to first seek guidance from a financial adviser.
Read more @The Sun
