PensionBee has reached a major milestone in its consumer advocacy campaign, with over 5,000 people signing its petition calling for a 10-day pension switch guarantee. The strong public response underscores growing frustration over the slow, complex, and unpredictable nature of pension transfers in the UK.
Launched in August, the petition urges the Government to set a clear 10-day legal limit for straightforward pension transfers, a move that would bring the retirement savings sector in line with faster switching standards seen in current accounts and savings, where transfers can be completed in as little as seven days.
Unlocking control for savers
Currently, savers face waits of several months when attempting to move their retirement pots between providers, often with minimal visibility on progress. PensionBee’s campaign frames these lengthy and opaque delays as a major friction point that prevents consumers from taking proper control of their financial futures.
Lisa Picardo, chief business officer UK at PensionBee, stated that reaching the 5,000-signature mark confirms the widespread public demand for change. “Reaching 5,000 signatures marks a major milestone, and it’s abundantly clear that thousands of savers agree—pension transfers shouldn’t take months,” Picardo commented.
She stressed that a 10-day pension switch guarantee would introduce much-needed fairness and efficiency to the system, giving people the control and confidence required to plan for their retirement. “Delays and confusion have gone unchecked for too long, and it’s time the industry put consumers first. This campaign is about making pensions work for the people they belong to,” Picardo added.
Setting a consumer benchmark
The digital bank, which manages £7.0billion in assets for 300,000 customers, is championing the cause of savers who simply want their money moved quickly, safely, and without unnecessary red tape. By advocating for a standard that mirrors the established rules in banking, PensionBee is pushing the pensions industry toward greater transparency and operational effectiveness.
The petition will remain open until January 24, 2026. If it reaches the target of 10,000 signatures, the UK Government will be required to issue an official response, potentially accelerating industry-wide reform for millions of retirement savers.
