Petition initiative by PensionBee seeks a 10-day window for pension transfers, gaining over 2,000 signatures in its initial fortnight.
PensionBee, a company dedicated to making pensions simple and accessible, has launched a petition calling for the Government to establish clear limits for pension transfers, similar to the seven-day limit in other financial services. The petition, which was initiated on 4 August, has already garnered support from over 2,000 people in just two weeks.
The campaign reflects PensionBee's mission to improve the visibility of pension transfers and streamline the process. The petition urges the Government to set a 10-day limit for pension transfers, bringing the pension sector in line with faster switching standards in banking and savings.
The petition is a response to the slow and opaque switching practices in pension transfers, which are no longer considered fit for purpose. Currently, savers may face waits of several months when moving their retirement pots between providers, in contrast to the swift transfers in current accounts and savings.
Lisa Picardo, the Chief Business Officer UK at PensionBee, stated that the strong response to the petition shows public demand for change. She also urged even more people to add their voices to the petition for a 10-day pension switch guarantee.
The Financial Conduct Authority announced a review of pension transfers on Friday, reflecting a growing appetite for change. If the petition reaches 10,000 signatures, the Government will be required to issue a response. At 100,000 signatures, the issue will be considered for debate in Parliament.
The petition aims to remove a major barrier preventing consumers from consolidating old pensions and taking control of their financial future. By establishing clear limits for pension transfers, the Government can help millions of people manage their pensions more efficiently and effectively.
The petition will remain open until 26 January 2026, providing ample time for the public to show their support for faster pension transfers. With the growing support, the petition is poised to bring about a much-needed change in the pension sector.
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