CEO Commentary: Keeping Pension Transfers Moving

Recent reports highlighting delays in the pension transfer process are a timely reminder that, whilst protecting consumers from pension scams is essential, the current system can also create unnecessary delays for legitimate customers.

Where a pension transfer triggers additional safeguarding checks, customers may be required to complete a MoneyHelper Pension Safeguarding appointment before their transfer can proceed. Unfortunately, with appointment availability currently stretched, some customers are experiencing delays of several weeks before they can access or transfer their retirement savings.

These safeguards play an important role in protecting people from scams, particularly where transfers involve more complex circumstances, such as international moves or overseas pension arrangements. However, the challenge is ensuring that genuine customers are not delayed unnecessarily while still maintaining the highest standards of consumer protection.

At Montfort, we work in partnership with both financial advisers and their customers to make the transfer journey as straightforward as possible. Whether a customer is remaining in the UK or relocating overseas, our experienced team provides practical support throughout the process, helping advisers prepare cases correctly, identifying potential issues at an early stage and ensuring customers understand each step of the journey. While statutory safeguarding requirements must be followed, proactive planning and expert case management can make a significant difference to how efficiently a case progresses.

As the Government continues its review of the current pension transfer safeguards, we welcome changes that preserve vital consumer protections while reducing unnecessary delays for legitimate transfers.

At Montfort, our focus remains on delivering a professional, responsive service that supports advisers and gives customers confidence that their pension transfer, whether in the UK or overseas is managed efficiently, compliantly and with care.