The Association of British Insurers believe that pension transfers should take less than two weeks if advisers fill in a new form.
On 3rd January, the Association published a new statement of good practice on pension maturities and a pension transfer form, which sets out the information companies need to provide when transferring a customers pension pot to their chosen provider. The statement that accompanies it sets practical standards for insurers and intermediaries on providing customers with accurate, user-friendly information and how to deal with the process.
Our view
Pension transfers are not difficult today. If an adviser cannot cope with the existing forms then perhaps they should not be involved in pension transfers advice given how complex they are anyway.