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People wanting to transfer pensions are hit by massive delays, a campaign has said (Image: Getty)<\/p>\n
People have just days to back a campaign which is aiming to get a change that would impact anyone with a private pension. A petition on the Parliament website is urging the government<\/a> to change the rules around pension transfers – a process which has been described as being hit with massive bureaucratic delays due to the system.<\/p>\n PensionBee, a leading online retirement savings provider<\/a>, is warning that this is the final opportunity for savers to add their names and ensure policymakers hear first-hand how slow pension transfers are holding people back from taking control of their retirement savings. The backing has soared to 16,573 signatures, forcing the Department for Work and Pensions to issue a response. There are just two days for people to sign up – if it reaches 100,000 it could spark a Commons debate.<\/p>\n The petition calls on the DWP<\/a> to: \u201cLegislate to mandate offer of electronic pension transfers and higher standards. You can switch banks in a week and send money instantly, so why should pension transfers take months and be so stressful? Only the government has the power to change this, so we\u2019re asking them to take action and set clear, enforceable standards for faster, electronic pension transfers.<\/p>\n \u201c63% of savers believe delays in pension transfers hinder effective retirement planning<\/a>. Yet we think some providers persist with outdated, paper-based processes. At best, we think this may cause stress and confusion. At worst, we think it may deter people from moving their money, trapping them in poor-value, or unsuitable funds.<\/p>\n \u201cSome providers already offer secure, electronic transfers. We think<\/a> it\u2019s time to mandate this across the industry for fairer, efficient retirement savings.\u201d<\/p>\n Now officials from the DWP have responded, saying it is in fact working to bring in changes and will issue consultations on this in the \u2018coming months\u2019. It said: \u201cThe Government recognises the importance of efficiency in the pension transfers system and is considering how to improve the pension transfer process while maintaining strong member protection.<\/p>\n