Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps his Department is taking to ensure that pension providers simplify, expedite and ensure the security of transfer between providers.

I strongly support the principle of more efficient transfers between pension schemes. This will give consumers greater choice and flexibility. Whilst many members experience pension transfers in fewer than 20 days, I am aware that transfer practice is not uniformly good – some schemes are making the process unnecessarily complex, and some transfers are taking longer than they should. I continue to monitor options to improve this.

The Pensions Regulator has issued guidance for schemes on standards, including how transfers can be processed promptly and accurately without exposing savers to a greater risk of pension scams – this includes the use of electronic platforms and standardised documentation wherever it is practical to do so. The Regulator is continuing to monitor performance, and aims to set out further guidance about its expectations later in the Spring.

In addition, my Department and the Financial Conduct Authority have given pension schemes and providers a statutory duty to report on the promptness and accuracy with which they carry out certain core financial transactions, including transfers.