DWP confirms government review of pension transfer process as concerns over transfer delays spark reform debate

Article summary

In a written parliamentary question raised by Zarah Sultana MP addressed to the Secretary of State for Work and Pensions, she asked what measures the Department were taking to enhance transparency and consumer control in defined contribution pension transfers when these transfers are not executed on a specific date or at a specified value. In response on 16 May 2025, Torsten Bell, Minister for Pensions on behalf of the Department for Work and Pensions (DWP), confirmed that the DWP is working with regulatory bodies, the pensions industry and other stakeholders to identify and explore potential changes to pension transfer processes to enhance efficiency while also maintaining consumer protection. In particular, the DWP explained that it has engaged with other government departments, pensions institutions, consumer organisations as well as the pensions industry to consider if the practical application of the Occupational and Personal Pension Schemes (Conditions for...