“Pensions offer the most tax efficient, flexible way to save for retirement. But too often customers are left frustrated by sluggish transfer times that create a barrier to straightforward financial planning and pot consolidation.
“Modern savings and investment companies should be able to build common standards for transfers to ensure customers can enjoy ease and simplicity when they switch providers.
“We would urge all pension providers to sign up to the industry Star initiative. That group already has critical mass and will drive transparency and best practice across the industry. The ultimate aim has to be to get every single party in the transfer chain to aspire to efficient and swift transfers. That will make the customer experience when switching providers hassle-free, which is what they should expect from an industry entrusted with their life savings.”