PensionBee Petition Calling for a 10-Day Pension Switch Guarantee Attracts Over 2,000 Signatures in First Two Weeks

Infrastructure
18.08.2025 12:15 pm

More than 2,000 people have backed PensionBee’s call for a 10-day pension switch guarantee in just two weeks since the petition launched to the public on 4 August.

The petition urges the Government to set a clear 10-day limit for pension transfers, bringing the sector in line with faster switching standards in banking and savings.

Currently, savers can face waits of several months when moving their retirement pots between providers, often with little visibility on progress. These lengthy and unpredictable delays stand in stark contrast to other areas of financial services, such as current accounts and savings, where switches can be completed in just seven days.

The campaign reflects PensionBee’s longstanding mission to make pensions simple and accessible. By calling for a clear, time-bound switching standard, the company hopes to remove a major barrier that prevents many consumers from consolidating old pensions and taking control of their financial future.

The growing support comes as momentum builds across the industry following the Financial Conduct Authority’s announcement on Friday of their review of pension transfers. This reflects a growing appetite for change, as policymakers, providers and consumers alike recognise that slow and opaque switching practices are no longer fit for purpose.

The petition will remain open until 26 January 2026. If it reaches 10,000 signatures, the Government will be required to issue a response. At 100,000 signatures, the issue will be considered for debate in Parliament.

Lisa Picardo, Chief Business Officer UK at PensionBee, said: “The strong response to our petition shows that the public is united in calling for change. Too many people face long and frustrating waits when trying to take control of their pensions, and that simply isn’t good enough in 2025.
“A 10-day pension switch guarantee would give savers the confidence and clarity they deserve, helping more people prepare for a secure retirement. We’re delighted to see thousands already backing this important cause, and we urge even more people to add their voices.”