Why is my pension transfer taking so long? – Pensions 101

Why is my pension transfer taking so long? – Pensions 101

Hi and welcome to Pensions 101, a series designed
to help you make sense of pensions. My name is Priyal and today we’ll be looking
at why your pension might be taking a while to transfer. Transferring your pension to a new provider
can be as fast as a few weeks or take as long as a few months. So why can transferring your pension take
so long? Transfer times can be delayed if your provider
still uses paper and post to move your money. Whilst most companies use electronic transfers,
some providers refuse to. These companies will send you confusing forms
by post, eating up your time and money. In 2018, there is no good excuse for paper
transfers. Electronic transfer technology is fast, safe,
and efficient. Your money is tagged and traced so we know
where it is at every step. At PensionBee, electronic transfers take around
two weeks. In comparison, you can watch our 2018 Robin
Hood Index Awards to see how long some providers took to transfer your pension to us. So what can you do to speed up your transfer? You can get in touch with your paper provider
to complain about the lengthy transfer times. As a policyholder, you’ve got the power to
challenge your provider’s behaviour. Writing a complaint can be as easy as sending
a tweet or emailing your provider’s CEO. Here at PensionBee, we’re continuing to demand
electronic transfers from all providers. We believe in fairer, safer pension transfers. Remember, pensions are an investment and as
with all investments, the value can go up and down over time. Your capital is at risk. That’s it for now! For more information on transferring your
pension, check out our Pensions Explained centre. There’s a link in the description box below. Thanks for watching! Don’t forget to like, share, and subscribe. See you next time.

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