28-day pension warning issued following new analysis

manchestereveningnews.co.uk:

New analysis has sparked a warning from experts for those planning their retirement. Data from My Pension Expert has revealed that the average waiting time to transfer a pension peaked at an alarming 28 days.

The independent retirement advisor analysed data from 5,163 pension transfer that it managed on behalf of clients in the 2023/24 financial year.

It highlighted that it was a slight improvement from the 29-day average in the 2022/23 financial year, but was still "disappointing".

It also acknowledged that while some delays are necessary for things such as fraud checks, such delays are unnecessary in some other cases, leaving customers with a great deal of stress, especially when the reasons for delays are not shared.