Advisers lament 'complexity' of pension transfers

Most advisers are blaming the complexity of the pension transfer process for the length of time it takes.

According to a study conducted by Cofunds, 67% of respondents said the most significant barrier to the prompt transferring of retirement funds is the convoluted methods involved.

Elsewhere, 21% named paper-based processing requirements as the biggest obstacle, while 12% laid the blame at the door of what they called "a lack of joined-up technology".

Further suggested impediments included life offices dragging their feet, regulatory incompetence and a reluctance on the part of clients to embark on what they feel is a "time consuming admin nightmare".

"We recognise that consolidating pension assets is crucial to advisers and we are dedicated to making sure we are in tune with their concerns," Cofunds marketing & proposition director Alastair Conway says. "Key amongst this is clearly the delay in transferring clients' pension assets.

"These markets in particular have highlighted to investors the need to understand a total picture of their retirement assets."