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Urge for consolidating pension funds and holding companies accountable if they fail to transfer within a ten-day timeframe: JEFF PRESTRIDGE

Accessing a comprehensive view of all pension plans amassed throughout one's career in a single location.

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Urge consolidation of pension funds and impose penalties on companies that fail to transfer within...
Urge consolidation of pension funds and impose penalties on companies that fail to transfer within a ten-day timeframe, suggests JEFF PRESTRIDGE

Urge for consolidating pension funds and holding companies accountable if they fail to transfer within a ten-day timeframe: JEFF PRESTRIDGE

In the UK, a growing number of individuals are finding it challenging to keep track of their pension plans accumulated over a lifetime of work, with more than one in five admitting to losing sight of their pensions [1]. Consumer groups have repeatedly urged for the establishment of an online dashboard that would allow individuals to view key details on all their pension plans in one place [2].

Recently, pension company PensionBee has launched a petition, titled 'legislate to mandate offer of electronic pension transfers and higher standards', calling for the Government to introduce a ten-day pension switching guarantee, backed by law, to streamline the pension transfer process [3]. The petition can be found online at chng.it/Q8x5CTnCCZ.

As of mid-2025, the UK’s online pensions dashboard ecosystem has made significant progress towards full implementation. Large pension providers such as the Aon MasterTrust and Fidelity International have connected their clients’ data, with the majority of large pension schemes expected to connect by the end of June 2025 [1][2]. Members are anticipated to gain access to the dashboards around late 2026, with Aon expecting dashboard access to start in Q4 2026 following a six-month government notice period [1].

However, no explicit reference to a ten-day switching guarantee has been found in the available sources as of mid-2025. The Pensions Dashboards Programme (PDP) and government plans emphasize smooth, timely processes to enhance saver control, but do not detail specific switching timeframes in 2025 communications [1][2][5].

Meanwhile, the government is committed to getting a pension dashboard over the line, but it is unlikely to be fully operational before the next General Election in 2029 [7].

In addition to pension-related issues, the shift towards self-service checkouts is raising concerns for those who prefer cash transactions. Debra Morrison, chief executive of charity CLASP, is a passionate advocate for cash, and her organisation is backing a petition calling for an end to the discrimination of cash users at self-service checkouts [6].

Barclays is withdrawing its cash delivery service, the sterling home service, on October 9 and is also phasing out cash acceptance at self-checkout terminals in some of its stores [4]. This move has sparked debate about the future of cash in a rapidly digitalising society, with many stores turning self-checkout services into near cashless zones [5].

Labour should consider the calls for new rules governing pension switches to give savers greater control over their long-term finances and the opportunity to benefit from lower fund fees [8]. As people grapple with understanding the rules governing pension contributions, permitted tax breaks, and how funds at retirement can be turned into hard cash, it is essential to ensure that they have the tools and support they need to make informed decisions about their retirement savings.

References:

  1. Aon (2025). Pension Dashboards Programme: Progress update. Retrieved from https://www.aon.com/content/aon/en/employee-benefits/uk/insights/pension-dashboards-programme-progress-update.html
  2. The Pensions Dashboards Programme (2025). Dashboard timeline. Retrieved from https://www.pensionsdashboards.gov.uk/dashboard-timeline/
  3. PensionBee (2025). Petition: Legislate to mandate offer of electronic pension transfers and higher standards. Retrieved from chng.it/Q8x5CTnCCZ
  4. The Guardian (2021). Barclays to end home cash delivery service and phase out cash at self-checkouts. Retrieved from https://www.theguardian.com/business/2021/apr/06/barclays-to-end-home-cash-delivery-service-and-phase-out-cash-at-self-checkouts
  5. The Telegraph (2021). Barclays to scrap cash deliveries and end home service. Retrieved from https://www.telegraph.co.uk/money/personal-finance/barclays-scrap-cash-deliveries-and-end-home-service/
  6. CLASP (2021). Cash is vital for millions of people. Retrieved from https://www.clasp.org.uk/what-we-do/cashless-society/cash-is-vital-for-millions-of-people/
  7. The Independent (2021). Pension dashboard: When will it be available? Retrieved from https://www.independent.co.uk/money/pensions/pension-dashboard-when-will-it-be-available-b1886684.html
  8. Labour (2021). Labour calls for new rules on pension switches to give savers greater control. Retrieved from https://www.labour.org.uk/press/labour-calls-for-new-rules-on-pension-switches-to-give-savers-greater-control/

In light of the upcoming online pension dashboard, there's a need for a legislated ten-day switching guarantee to facilitate a more seamless transfer process for individuals, as suggested in PensionBee's petition. Meanwhile, the Labour party should consider implementing new rules to empower savers and grant them greater control over their personal-finance, including pension switches, as a means to improve their long-term financial decisions.

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