Pension transfers are taking longer – is it worth moving your retirement savings?

Pension transfer times have increased over the past year but it may be worth the wait for lower fees and less paperwork.

money being handed over
(Image credit: Getty Images)

Combining old pension pots can be an effective way to manage your retirement savings in one place, but many savers are facing long waits to merge their money.

Automatic enrolment may have led to more people having workplace pension schemes but it also means workers can easily collect several different retirement savings pots as they move jobs.

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Top five fastest transfer times in 2024/5 (Source: Origo)

Provider

Average transfer time

Forester Life

3.9 days

MetLife

5.3 days

NFU Mutual

7.2 days

Aviva

8.6 days

Fidelity and Scottish Widows

9 days

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Top five slowest transfer times in 2024/5 (Source: Origo)

Provider

Average transfer time

People's Partnership

31.4 days

Vanguard

26.7 days

LV=

22.8 days

Parmenion Capital Partners

19.9 days

InvestAcc

18.8 days

Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.

With contributions from